Quiz for the week (24 Nov 2025) :
Ms. Oviya, a resident individual sold an immovable property for Rs. 40 lakhs on 15.6.2024. The sale consideration was received by way of cash at the time of sale deed registration. She had admitted the long-term capital gain in the ITR filed of the assessment year 2025-26. In a survey at the business premises of the buyer, the fact of receipt of sale consideration by cash came to light. Show cause notice was issued for contravention of section 269SS and subsequently penalty was imposed. Decide whether imposition of penalty without any assessment proceeding is valid in law? Also, state whether the penalty imposed is correct?
Share your thoughts on the above on or before 1st December, 2025