https://www.taxtmi.com/caselaws?id=221092 The Tribunal allowed all six appeals filed by the assessee, resulting in the deletion of penalties imposed under Sections 271D and 271E of the Income Tax Act. The Tribunal held that the receipt and repayment of share application money did not contravene Sections 269SS and 269T, as share application money does not fall under the definition of loans or deposits. The decision was based on a consistent interpretation of the law, favoring the assessee due to conflicting High Court judgments. The order was pronounced on 12.01.2012. en-us Thu, 12 Jan 2012 00:00:00 +0530 Fri, 22 Feb 2013 08:13:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221092 The Tribunal allowed all six appeals filed by the assessee, resulting in the deletion of penalties imposed under Sections 271D and 271E of the Income Tax Act. The Tribunal held that the receipt and repayment of share application money did not contravene Sections 269SS and 269T, as share application money does not fall under the definition of loans or deposits. The decision was based on a consistent interpretation of the law, favoring the assessee due to conflicting High Court judgments. The order was pronounced on 12.01.2012. Case-Laws Income Tax Thu, 12 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221092