https://www.taxtmi.com/caselaws?id=209596 The High Court upheld the Tribunal's decision to delete the penalty under section 271D of the Income-tax Act. It was concluded that since the Assessing Officer treated the share application money as undisclosed income, penalty proceedings under section 271D could not be initiated simultaneously, leading to the dismissal of the appeal by the Revenue. en-us Mon, 20 Sep 2010 00:00:00 +0530 Sat, 13 Jul 2013 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209596 The High Court upheld the Tribunal's decision to delete the penalty under section 271D of the Income-tax Act. It was concluded that since the Assessing Officer treated the share application money as undisclosed income, penalty proceedings under section 271D could not be initiated simultaneously, leading to the dismissal of the appeal by the Revenue. Case-Laws Income Tax Mon, 20 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209596