https://www.taxtmi.com/caselaws?id=254048 The High Court affirmed the Income Tax Appellate Tribunal's decision to delete the penalty order under Section 271D of the Income Tax Act for the assessee company. The court held that the share application money received did not violate Section 269SS, as it was not considered a deposit or loan. The Tribunal's decision was upheld, emphasizing that no substantial question of law arose, and the penalty deletion for the assessment years 2001-02 and 2002-03 was confirmed. en-us Wed, 03 Dec 2014 00:00:00 +0530 Thu, 11 Dec 2014 05:57:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254048 The High Court affirmed the Income Tax Appellate Tribunal's decision to delete the penalty order under Section 271D of the Income Tax Act for the assessee company. The court held that the share application money received did not violate Section 269SS, as it was not considered a deposit or loan. The Tribunal's decision was upheld, emphasizing that no substantial question of law arose, and the penalty deletion for the assessment years 2001-02 and 2002-03 was confirmed. Case-Laws Income Tax Wed, 03 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254048