https://www.taxtmi.com/caselaws?id=65926 The appeal was successful as the penalty imposed under section 271D of the Income-tax Act, 1961, for receiving share application money through foreign inward remittance was deleted. The Assessing Officer acknowledged the genuineness of the transaction, noting that the amount was received through approved foreign exchange transactions and due to the company's financial constraints. As the transfer was not in violation of section 269SS and was made through proper banking channels, the penalty was overturned, and the appeal was allowed on September 12, 2008. en-us Fri, 12 Sep 2008 00:00:00 +0530 Tue, 05 Nov 2013 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65926 The appeal was successful as the penalty imposed under section 271D of the Income-tax Act, 1961, for receiving share application money through foreign inward remittance was deleted. The Assessing Officer acknowledged the genuineness of the transaction, noting that the amount was received through approved foreign exchange transactions and due to the company's financial constraints. As the transfer was not in violation of section 269SS and was made through proper banking channels, the penalty was overturned, and the appeal was allowed on September 12, 2008. Case-Laws Income Tax Fri, 12 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65926