|Question And Answer|
|Subject:||Whether cash received on sale of rural agricultural land attract provisions of S. 269SS ?|
|Answered by:||Research Team|
|Tags:||Agricultural land, Sale of Agricultural land, section 269SS|
|Date:||June 1, 2021|
whether cash received on sale of rural agricultural land attract provisions of sec. 269SS? as it is neither loan nor deposit nor any advance as mentioned in specified sum..
I think correct application would have been of Sec. 269ST, however assessee got notice u/s 269SS. Couldnt find any proper judgment on this aspect.
If anyone here can throw some light, it would be great!
In CIT v. Object Frontier Software (P.) Ltd. (2016) 75 taxmann.com 169 (Mad.)(HC) :SLP is granted to the revenue, CIT v. Object Frontier Software (P.) Ltd. (2016) 243 Taxman 239 (SC) the penalty levied on receipt of share application money was deleted , the same principle will apply to sale of agricultural land In Narotam Singh Mann v. ITO (2003) 90 TTJ 683 (Amritsar)(Trib.) in wife of the assessee sold a plot of land. She received out of the total consideration of to 5,00,000 to 2,60,000 in cash which was deposited in the bank account of assessee and utilized for purchase of land in the name of the son. The tribunal held that cannot be said that the wife has given a loan to assessee and hence, section 269SS and 271D cannot be made applicable.
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