KOSANAM RAMA RAO,GUNTUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), GUNTUR

ITA 226/VIZ/2025Status: DisposedITAT Visakhapatnam18 July 2025AY 2017-1817 pages
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What did the Tribunal hold?

The Tribunal held that the penalty under Section 271D could not be levied without the Assessing Officer recording satisfaction in the assessment order, as per the Supreme Court's decision in CIT vs. Jai Laxmi Rice Mills Ambala City. Therefore, the penalty was unsustainable.

What were the facts?

The assessee received Rs. 46.76 lacs in cash from property sale, violating Section 269SS. A penalty under Section 271D was imposed by the AO and confirmed by the CIT(A). The assessee appealed to the ITAT.

What were the issues?

Whether penalty under Section 271D can be levied without prior satisfaction recorded by the Assessing Officer in the assessment order. Whether the cash receipt from property sale falls under the ambit of Section 269SS.

Which sections of the Income-tax Act were involved?

Section 269SS,Section 271D,Section 273B,Section 143(3),Section 271(1)(c)

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Income Tax Appellate Tribunal, Visakhapatnam Bench

For Appellant: Shri M.V, Dr. Aparna Villuri, Sr.DR

प्रतत रवीश सूद, जे.एम./PER RAVISH SOOD, J.M.

The present appeal filed by the assessee is directed against the order passed by the Commissioner of Income-Tax (Appeals), National Faceless Appeal Center (NFAC), Delhi, dated 29.01.2025, which in turn arises from the order passed by the Addl/Joint Commissioner of Income

2 Kosanam Rama Rao, Guntur.

Tax, National Faceless Appea

The order continues below.

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