No Penalty u/s 271D for receiving cash for sale of immovable property if cash was duly deposited in Bank A/C: ITAT Visakhapatnam
Section 269SS prohibits a person from taking or accepting any loan or deposit or any specified sum from any other person, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system or other prescribed electronic modes where the amount of such loan or deposit is Rs. 20,000 or more. Any contravention of this provision attracts a penalty under Section 271D.
The copy of the order is as under: