Penalty applicable sec 269t provision in it act
This query is : Resolved
30 March 2022
Sir,
It assessee purchase of agriculture land rs:5 lacs pay amount through on cash mode in f.y.14-15.
Question:
Assessess sec 269t violation provision in it act.
It assessee purchase of agriculture land rs:5 lacs pay amount through on cash mode in f.y.14-15.
Question:
Assessess sec 269t violation provision in it act.
31 March 2022
No violation in such a case.
Income-tax Act is amended with effect from 01.06.2015 to provide that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more.
Income-tax Act is amended with effect from 01.06.2015 to provide that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more.
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31 March 2022
sir, assessee it returns filed sec 44ab audit and sec 271e penalty applicable in it act show in notice.
01 April 2022
Reply to the notice penalty not applicable.
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