https://www.taxtmi.com/caselaws?id=176927 The Tribunal upheld the deletion of a penalty under section 271(D) of the Income Tax Act for receiving share application money in cash exceeding the limit set by section 269SS. It emphasized that share application money does not constitute a loan or deposit, and therefore, the penalty was unjustified. Relying on relevant case law and the judgment of the High Court, the Tribunal concluded that the share application money fell outside the purview of section 269SS, leading to the dismissal of the Revenue's appeal and confirming the deletion of the penalty. en-us Wed, 07 Jan 2015 00:00:00 +0530 Thu, 31 Dec 2015 12:36:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176927 The Tribunal upheld the deletion of a penalty under section 271(D) of the Income Tax Act for receiving share application money in cash exceeding the limit set by section 269SS. It emphasized that share application money does not constitute a loan or deposit, and therefore, the penalty was unjustified. Relying on relevant case law and the judgment of the High Court, the Tribunal concluded that the share application money fell outside the purview of section 269SS, leading to the dismissal of the Revenue's appeal and confirming the deletion of the penalty. Case-Laws Income Tax Wed, 07 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176927