https://www.taxtmi.com/caselaws?id=208436 The HC held that monies received as share application funds by the assessee-company from three private limited companies could not be characterized as "loan" or "deposit" for the purposes of s.269SS. Applying the judicial tests distinguishing loans and deposits, the Court found that share application money, received for allotment of shares, did not attract the statutory prohibition under s.269SS. In any event, the Tribunal had correctly invoked s.273B, noting a cleavage of judicial opinion and thus reasonable cause to avoid penalty under s.271D. Concluding that no substantial question of law arose from the Tribunal's order, the HC declined to admit the appeal and dismissed it without costs. en-us Mon, 21 Nov 2011 00:00:00 +0530 Wed, 03 Dec 2025 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208436 The HC held that monies received as share application funds by the assessee-company from three private limited companies could not be characterized as "loan" or "deposit" for the purposes of s.269SS. Applying the judicial tests distinguishing loans and deposits, the Court found that share application money, received for allotment of shares, did not attract the statutory prohibition under s.269SS. In any event, the Tribunal had correctly invoked s.273B, noting a cleavage of judicial opinion and thus reasonable cause to avoid penalty under s.271D. Concluding that no substantial question of law arose from the Tribunal's order, the HC declined to admit the appeal and dismissed it without costs. Case-Laws Income Tax Mon, 21 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208436