https://www.taxtmi.com/caselaws?id=256116 The High Court affirmed the Tribunal's decision in appeals by the Revenue regarding share application money received in cash by the assessee company. The Court held that penalties under Section 271D were not applicable as the assessee genuinely believed the money was for share allotment, not a loan or deposit. Emphasizing the importance of valid evidence, the Court concluded that the assessee's bonafide belief and lack of proof of a loan or deposit justified the Tribunal's decision. Therefore, the High Court dismissed the Revenue's appeals, upholding the Tribunal's ruling. en-us Tue, 23 Dec 2014 00:00:00 +0530 Wed, 04 Feb 2015 06:19:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256116 The High Court affirmed the Tribunal's decision in appeals by the Revenue regarding share application money received in cash by the assessee company. The Court held that penalties under Section 271D were not applicable as the assessee genuinely believed the money was for share allotment, not a loan or deposit. Emphasizing the importance of valid evidence, the Court concluded that the assessee's bonafide belief and lack of proof of a loan or deposit justified the Tribunal's decision. Therefore, the High Court dismissed the Revenue's appeals, upholding the Tribunal's ruling. Case-Laws Income Tax Tue, 23 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256116