Penalty sec.269SS

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10 Points Posted on 02 June 2020
assess is doing real estate business. he sold site and received cash more than
Rs.2laks. Penalty u/s.269 will attract or not? pl clarify.
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On 02 June 2020 at 21:53 Report
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Quick Summary
This discussion clarifies whether a penalty under Section 269SS of the Income Tax Act applies when a real estate business receives cash exceeding Rs 2 lakhs for a sale. The consensus is that while Section 269SS prohibits such cash receipts, the penalty is typically levied under Section 271D, with potential relief available under Section 273B.

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AUDIT ASSISTANT
179 Points Posted on 02 June 2020
Penalty will attract u/s 271D for the amount taken subject to sec. 273B
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On 02 June 2020 at 23:48
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10 Points Posted on 03 June 2020
Thank you sir
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On 03 June 2020 at 11:05

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