https://www.taxtmi.com/caselaws?id=360059 The ITAT upheld the CIT(A)'s decision to allow the appeal against the penalty imposed under sections 271D and 269SS of the Income Tax Act, 1961. The case involved the conversion of share application money into share capital, distinguishing it from a loan or deposit. The ITAT found no fault in the CIT(A)'s order, emphasizing the utilization of share application money for issuing shares to directors as per the company's balance sheet. The decision underscores the significance of factual evidence and legal precedents in determining penalties under the Act. en-us Wed, 21 Feb 2018 00:00:00 +0530 Wed, 09 May 2018 08:32:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360059 The ITAT upheld the CIT(A)'s decision to allow the appeal against the penalty imposed under sections 271D and 269SS of the Income Tax Act, 1961. The case involved the conversion of share application money into share capital, distinguishing it from a loan or deposit. The ITAT found no fault in the CIT(A)'s order, emphasizing the utilization of share application money for issuing shares to directors as per the company's balance sheet. The decision underscores the significance of factual evidence and legal precedents in determining penalties under the Act. Case-Laws Income Tax Wed, 21 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360059