https://www.taxtmi.com/caselaws?id=176216 The ITAT ruled in favor of the assessee, deleting the penalty imposed under section 271D for receiving share application money in cash. The ITAT held that since the share application money was not classified as a loan or deposit, the penalty under section 271D could not be enforced. Additionally, it was determined that sections 269SS and 271D did not apply to the share application money, leading to the deletion of the penalty. The ITAT favored an interpretation that was beneficial to the assessee, ultimately allowing the appeal and ruling in favor of the assessee. en-us Fri, 05 Jun 2009 00:00:00 +0530 Thu, 12 Oct 2023 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176216 The ITAT ruled in favor of the assessee, deleting the penalty imposed under section 271D for receiving share application money in cash. The ITAT held that since the share application money was not classified as a loan or deposit, the penalty under section 271D could not be enforced. Additionally, it was determined that sections 269SS and 271D did not apply to the share application money, leading to the deletion of the penalty. The ITAT favored an interpretation that was beneficial to the assessee, ultimately allowing the appeal and ruling in favor of the assessee. Case-Laws Income Tax Fri, 05 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176216