https://www.taxtmi.com/caselaws?id=217038 The High Court upheld the ITAT's decision to delete the penalty of Rs. 3,51,47,523/- under Section 271D. The additions of Rs. 1,48,82,000/- and Rs. 98,30,000/- to the assessee's income were also deemed invalid. The Court found that the share application money received in cash was supported by sufficient documentation, and the transactions were genuine. Penalties under Section 271D were deemed inapplicable as the share application money was not considered a loan or deposit. The Court concluded that the assessee had a reasonable cause for receiving the cash and dismissed the appeal, following the principle of adopting a view favorable to the assessee. en-us Thu, 20 Sep 2012 00:00:00 +0530 Mon, 01 Oct 2012 13:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217038 The High Court upheld the ITAT's decision to delete the penalty of Rs. 3,51,47,523/- under Section 271D. The additions of Rs. 1,48,82,000/- and Rs. 98,30,000/- to the assessee's income were also deemed invalid. The Court found that the share application money received in cash was supported by sufficient documentation, and the transactions were genuine. Penalties under Section 271D were deemed inapplicable as the share application money was not considered a loan or deposit. The Court concluded that the assessee had a reasonable cause for receiving the cash and dismissed the appeal, following the principle of adopting a view favorable to the assessee. Case-Laws Income Tax Thu, 20 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217038