Bhaskar Thattaruthodiyil Nair vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Bhaskar Thattaruthodiyil Nair, appealed against the penalty levied by the National Faceless Appeal Centre (NFAC) for the assessment year 2017-2018 under section 271D of the Income Tax Act, 1961. The penalty was imposed for the receipt of Rs.20 lakhs as part of the sale consideration of an immovable property, which the Revenue argued was not exempt from the penalty provision. The assessee argued that the amount was received as the final payment at the time of registration of the sale deed and not as an advance, and thus, the penalty was not applicable. The Tribunal found merit in the assessee's arguments and deleted the penalty.…

Legal Issues

• 1. Whether the penalty under section 271D of the Income Tax Act, 1961 is applicable for the receipt of cash as final payment in an immovable property transaction?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Similar Judgements

• Aggarwal Construction Company vs. DCIT, Circle-I, Bathinda

  Amritsar bench

• Bisauha Ram Verma Vs ITO-1(2), Raipur

  Raipur bench

• Abbayi Sunkara vs. Income Tax Officer

  Visakhapatnam bench

• Amit Girdharbhai Patel vs. ACIT

  Ahmedabad bench

• Trupti Kamalkant Tiwari vs ITO, Ward-3(4), Nagpur

  Nagpur bench

• Hans Raj vs. Joint Commissioner of Income Tax

  Delhi Bench benchAY 2017-18Allowed