https://www.taxtmi.com/caselaws?id=67511 The court canceled the penalty imposed on a private limited company under section 271D for alleged violations of section 269SS of the Income-tax Act, 1961. The company received amounts from family members, with the Assessing Officer alleging violations. The Commissioner of Income-tax (Appeals) partially accepted the company's explanations, resulting in the cancellation of penalties for some amounts. The court emphasized the importance of compliance with section 269SS to prevent tax evasion and concluded that the amount received for share application did not constitute a loan or deposit under the section. The appeal was allowed, and the penalty of Rs. 41,000 was revoked. en-us Mon, 05 Dec 1994 00:00:00 +0530 Wed, 07 Mar 2018 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67511 The court canceled the penalty imposed on a private limited company under section 271D for alleged violations of section 269SS of the Income-tax Act, 1961. The company received amounts from family members, with the Assessing Officer alleging violations. The Commissioner of Income-tax (Appeals) partially accepted the company's explanations, resulting in the cancellation of penalties for some amounts. The court emphasized the importance of compliance with section 269SS to prevent tax evasion and concluded that the amount received for share application did not constitute a loan or deposit under the section. The appeal was allowed, and the penalty of Rs. 41,000 was revoked. Case-Laws Income Tax Mon, 05 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67511