https://www.taxtmi.com/caselaws?id=244469 The Tribunal ruled in favor of the assessee, deleting the penalty levied under S.269(SS) for receiving amounts from directors, as the contributions were not loans or deposits but converted into share capital. The decision aligned with relevant case laws, emphasizing that transactions not meeting the loan or advance definition do not violate S.269SS. The Tribunal's judgment was based on legal interpretation and specific circumstances, leading to the dismissal of the penalty and allowing the appeal. en-us Thu, 23 Jan 2014 00:00:00 +0530 Thu, 27 Feb 2014 06:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244469 The Tribunal ruled in favor of the assessee, deleting the penalty levied under S.269(SS) for receiving amounts from directors, as the contributions were not loans or deposits but converted into share capital. The decision aligned with relevant case laws, emphasizing that transactions not meeting the loan or advance definition do not violate S.269SS. The Tribunal's judgment was based on legal interpretation and specific circumstances, leading to the dismissal of the penalty and allowing the appeal. Case-Laws Income Tax Thu, 23 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244469