Move

As per Section 269T, if specified advance (any sum of money in the nature of advance, by whatever name called, in relation to transfer of an immovable property, whether or not the transfer takes place) is repaid in cash and amount received together with interest is Rs. 20000 or more (whether in the name of person making repayment singly or jointly with some other person), penalty equal to amount repaid shall be imposed under S.271E. Also Read- Advance in cash for Property to be Covered by Section 269SS & 269T3. Section 263 amended to provide invocation if in the opinion of CIT/Pr CIT order passed -without making inquiries/ verification, and relief allowed without inquiring into the claim, CBDT directions u/s 119 not followed, prejudicial order of Jurisdictional High Court or Supreme Court not followed. The moot point is whether Trinity Charitable Trust (Cochin Trib) still holds good. Also Read-