https://www.taxtmi.com/caselaws?id=221168 The Tribunal allowed the appeals of the assessee, setting aside the penalties imposed under sections 271D and 271E of the Income Tax Act. It held that the receipt and repayment of share application money did not violate sections 269SS and 269T, as share application money was not considered loans or deposits. The Tribunal relied on its previous decisions and the judgment of the Hon'ble Madras High Court, favoring an interpretation that was beneficial to the assessee. The penalties were deleted, and the decision was rendered on 12.01.2012. en-us Thu, 12 Jan 2012 00:00:00 +0530 Thu, 14 Feb 2013 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221168 The Tribunal allowed the appeals of the assessee, setting aside the penalties imposed under sections 271D and 271E of the Income Tax Act. It held that the receipt and repayment of share application money did not violate sections 269SS and 269T, as share application money was not considered loans or deposits. The Tribunal relied on its previous decisions and the judgment of the Hon'ble Madras High Court, favoring an interpretation that was beneficial to the assessee. The penalties were deleted, and the decision was rendered on 12.01.2012. Case-Laws Income Tax Thu, 12 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221168