https://www.taxtmi.com/caselaws?id=185954 The Tribunal allowed the appeal of the assessee, overturning penalties imposed for accepting share application money in cash and treating it as a loan, and for alleged violation of section 269SS of the Income Tax Act, 1961. The Tribunal considered conflicting judgments from various High Courts and adopted the view favorable to the assessee. The penalties of Rs. 50,000 each were deemed unjustified, and the decision was pronounced in favor of the assessee on 18th June 2010. en-us Fri, 18 Jun 2010 00:00:00 +0530 Sat, 03 Sep 2016 12:33:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185954 The Tribunal allowed the appeal of the assessee, overturning penalties imposed for accepting share application money in cash and treating it as a loan, and for alleged violation of section 269SS of the Income Tax Act, 1961. The Tribunal considered conflicting judgments from various High Courts and adopted the view favorable to the assessee. The penalties of Rs. 50,000 each were deemed unjustified, and the decision was pronounced in favor of the assessee on 18th June 2010. Case-Laws Income Tax Fri, 18 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185954