https://www.taxtmi.com/caselaws?id=334933 The Tribunal upheld the Commissioner's decision, dismissing the Revenue's appeal against the cancellation of the penalty under section 271D of the Income-tax Act. It was determined that share application money does not qualify as a "loan or deposit" under section 269SS, thereby exempting it from the penalty provisions. The Tribunal found that the explanation provided for the cash receipts was acceptable for part of the share application money, leading to the dismissal of the penalty. en-us Mon, 11 Jul 2016 00:00:00 +0530 Wed, 23 Nov 2016 14:54:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334933 The Tribunal upheld the Commissioner's decision, dismissing the Revenue's appeal against the cancellation of the penalty under section 271D of the Income-tax Act. It was determined that share application money does not qualify as a "loan or deposit" under section 269SS, thereby exempting it from the penalty provisions. The Tribunal found that the explanation provided for the cash receipts was acceptable for part of the share application money, leading to the dismissal of the penalty. Case-Laws Income Tax Mon, 11 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334933