https://www.taxtmi.com/caselaws?id=13749 The High Court dismissed the appeal challenging the penalty imposed under section 271D of the Income-tax Act for receiving a loan amount in cash exceeding Rs. 20,000, violating section 269SS. The Court held that the appeal did not raise any substantial question of law but was a question of fact. The Tribunal's decision to uphold the penalty was affirmed as it found the cash received was not credited as share application money, justifying the penalty. The Court emphasized the factual nature of the case and upheld the Tribunal's decision, ultimately rejecting the appeal. en-us Tue, 06 Sep 2005 00:00:00 +0530 Thu, 02 Jul 2009 11:26:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13749 The High Court dismissed the appeal challenging the penalty imposed under section 271D of the Income-tax Act for receiving a loan amount in cash exceeding Rs. 20,000, violating section 269SS. The Court held that the appeal did not raise any substantial question of law but was a question of fact. The Tribunal's decision to uphold the penalty was affirmed as it found the cash received was not credited as share application money, justifying the penalty. The Court emphasized the factual nature of the case and upheld the Tribunal's decision, ultimately rejecting the appeal. Case-Laws Income Tax Tue, 06 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13749