https://www.taxtmi.com/caselaws?id=221193 The Tribunal set aside the penalties imposed under Sections 271D and 271E of the IT Act, ruling in favor of the assessee. It held that the receipt and repayment of share application money did not breach Sections 269SS and 269T, as share application money is distinct from loans or deposits. The Tribunal emphasized the absence of intent to treat the transactions as loans or deposits, and the lack of evidence supporting the revenue's contention. Citing conflicting High Court decisions, the Tribunal followed the principle favoring the assessee and directed the deletion of the penalties, allowing all eight appeals by the assessee. en-us Thu, 12 Jan 2012 00:00:00 +0530 Wed, 27 Feb 2013 06:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221193 The Tribunal set aside the penalties imposed under Sections 271D and 271E of the IT Act, ruling in favor of the assessee. It held that the receipt and repayment of share application money did not breach Sections 269SS and 269T, as share application money is distinct from loans or deposits. The Tribunal emphasized the absence of intent to treat the transactions as loans or deposits, and the lack of evidence supporting the revenue's contention. Citing conflicting High Court decisions, the Tribunal followed the principle favoring the assessee and directed the deletion of the penalties, allowing all eight appeals by the assessee. Case-Laws Income Tax Thu, 12 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221193