https://www.taxtmi.com/caselaws?id=176879 The appeal by the Revenue against the deletion of a penalty of Rs. 10,80,000 imposed under section 271D for accepting share application money in cash in violation of section 269SS was dismissed. The court held that share application money received in cash above the specified limit constituted a deposit until shares were allotted, as established in a judgment by the Hon'ble Jharkhand High Court. The penalty was deleted as the share application money was not considered a deposit under section 269SS. en-us Thu, 18 Apr 2013 00:00:00 +0530 Sat, 02 Jan 2016 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176879 The appeal by the Revenue against the deletion of a penalty of Rs. 10,80,000 imposed under section 271D for accepting share application money in cash in violation of section 269SS was dismissed. The court held that share application money received in cash above the specified limit constituted a deposit until shares were allotted, as established in a judgment by the Hon'ble Jharkhand High Court. The penalty was deleted as the share application money was not considered a deposit under section 269SS. Case-Laws Income Tax Thu, 18 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176879