https://www.taxtmi.com/caselaws?id=77679 The dominant issue was whether penalty under s. 271D was exigible for accepting share application money in cash in contravention of s. 269SS. The HC held that the appellate authority's finding that the transaction was bona fide and the breach was merely technical, attracting the protective ambit of reasonable cause and not warranting penal consequences, was neither perverse nor unreasonable; consequently, the deletion of penalty was sustained and the revenue's appeal was dismissed. en-us Thu, 22 Oct 2009 00:00:00 +0530 Sat, 10 Jan 2026 13:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77679 The dominant issue was whether penalty under s. 271D was exigible for accepting share application money in cash in contravention of s. 269SS. The HC held that the appellate authority's finding that the transaction was bona fide and the breach was merely technical, attracting the protective ambit of reasonable cause and not warranting penal consequences, was neither perverse nor unreasonable; consequently, the deletion of penalty was sustained and the revenue's appeal was dismissed. Case-Laws Income Tax Thu, 22 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77679