During the scrutiny proceedings, the assessee explained that the cash deposited in the bank were out of the sale proceeds of property sold during AY 2016-17 and the assessee had also declared long-term capital gains in the return of income filed for AY 2016-17. The Assessing Officer accepted the explanation of the assessee, however, levied penalty u\/s. 271D\u00a0for contravention of the provisions of Sec. 269SS. The Tribunal held that initiation of penalty u\/s. 271D\u00a0for AY 2017-18\u00a0was void-ab-initio since provision of S. 269SS is not contravened in the assessment year under consideration. (AY. 2016-17,2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271D : Penalty-Takes or accepts any loan or deposit-Long term capital gains-Received cash on sale of immovable property in AY 2016-17-Deposited cash during demonetisation period-Levied penalty for contravention of S. 269SS-Deleted penalty as S. 269SS was violated in AY 2016-17 and not in AY. 2017-18.[S. 45, 269SS] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-42341","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-b0V","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=42341"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42341\/revisions"}],"predecessor-version":[{"id":42342,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42341\/revisions\/42342"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=42341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=42341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=42341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}