https://www.taxtmi.com/caselaws?id=176867 The Tribunal upheld the CIT (A)'s decision to delete the penalty imposed under section 271D for receiving share application money in cash. The Tribunal found that there was no reasonable cause for initiating penalty proceedings, as the transaction was not deemed non-genuine and the cash amount was accepted during assessment. The judicial interpretation emphasized the distinction between a loan and a deposit, ultimately leading to the cancellation of the penalty. The revenue's appeal was dismissed based on legal analysis and precedents supporting the assessee's position. en-us Thu, 24 Jan 2013 00:00:00 +0530 Wed, 30 Dec 2015 14:14:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176867 The Tribunal upheld the CIT (A)'s decision to delete the penalty imposed under section 271D for receiving share application money in cash. The Tribunal found that there was no reasonable cause for initiating penalty proceedings, as the transaction was not deemed non-genuine and the cash amount was accepted during assessment. The judicial interpretation emphasized the distinction between a loan and a deposit, ultimately leading to the cancellation of the penalty. The revenue's appeal was dismissed based on legal analysis and precedents supporting the assessee's position. Case-Laws Income Tax Thu, 24 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176867