https://www.taxtmi.com/caselaws?id=209839 The tribunal upheld the penalty of Rs. 1 crore imposed under section 271D of the Income-tax Act, 1961, as the assessee received Rs. 1 crore in cash as share application money from its director, contrary to section 269SS which mandates transactions above Rs. 20,000 be through banking channels. The tribunal found the amount received was not for share capital as claimed, given the company's authorized share capital remained unchanged, and part of the funds were used for business expenses. The penalty was upheld to deter transactions involving black money and ensure transparency. en-us Thu, 21 Apr 2011 00:00:00 +0530 Wed, 10 Jul 2013 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209839 The tribunal upheld the penalty of Rs. 1 crore imposed under section 271D of the Income-tax Act, 1961, as the assessee received Rs. 1 crore in cash as share application money from its director, contrary to section 269SS which mandates transactions above Rs. 20,000 be through banking channels. The tribunal found the amount received was not for share capital as claimed, given the company's authorized share capital remained unchanged, and part of the funds were used for business expenses. The penalty was upheld to deter transactions involving black money and ensure transparency. Case-Laws Income Tax Thu, 21 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209839