https://www.taxtmi.com/caselaws?id=269770 The High Court upheld the Tribunal's decision to not impose penalties under Section 271D of the Income Tax Act. It ruled that the amounts received as share application money were not considered loans or deposits under Section 269SS, thus exempting them from penalties. The Court dismissed the appeals, emphasizing the genuine nature of the transactions and the absence of legal violations in receiving cash amounts. en-us Mon, 21 Sep 2015 00:00:00 +0530 Mon, 21 Dec 2015 16:25:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269770 The High Court upheld the Tribunal's decision to not impose penalties under Section 271D of the Income Tax Act. It ruled that the amounts received as share application money were not considered loans or deposits under Section 269SS, thus exempting them from penalties. The Court dismissed the appeals, emphasizing the genuine nature of the transactions and the absence of legal violations in receiving cash amounts. Case-Laws Income Tax Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269770