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of <h1>Revenue's appeal allowed in penalty deletion case under Income Tax Act</h1> <h3>ITO, Ward 13 (1), New Delhi Versus M/s Nandi Promoters Pvt. Ltd.</h3> The Revenue appealed against the deletion of a penalty of Rs. 1,00,00,000 under section 271D of the Income Tax Act by the CIT(A) for the assessment year ... - Issues involved: Revenue appeal against deletion of penalty u/s 271D of the I.T. Act by CIT(A) for AY 2005-06.Summary:1. The revenue appealed against the deletion of a penalty of Rs. 1,00,00,000 u/s 271D of the I.T. Act by CIT(A).2. None appeared for the assessee during the hearing, leading to an ex-parte hearing.3. The AO noted discrepancies in the source of investment for a building construction, leading to the penalty imposition.4. CIT(A) decided in favor of the assessee based on different judgments, prompting the revenue's further appeal.5. The Revenue argued that the amount received was a loan, not share application money, and CIT(A) did not address this factual aspect.6. Tribunal found that the amount was not share application money due to lack of authorized share capital increase, reversing CIT(A)'s decision and restoring the penalty.7. The appeal of the revenue was allowed, and the penalty order was reinstated.8. The order was pronounced on the same day as the hearing.This judgment highlights the importance of correctly identifying the nature of financial transactions to determine the applicability of penalties under the Income Tax Act.
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