https://www.taxtmi.com/caselaws?id=275317 The Revenue appealed against the deletion of a penalty of Rs. 1,00,00,000 under section 271D of the Income Tax Act by the CIT(A) for the assessment year 2005-06. The Tribunal found that the amount in question was not share application money, leading to the reversal of the CIT(A)'s decision and reinstatement of the penalty. The Revenue's appeal was allowed, emphasizing the significance of accurately characterizing financial transactions to ascertain penalty applicability under the Income Tax Act. en-us Thu, 10 Dec 2009 00:00:00 +0530 Thu, 27 Sep 2018 10:49:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275317 The Revenue appealed against the deletion of a penalty of Rs. 1,00,00,000 under section 271D of the Income Tax Act by the CIT(A) for the assessment year 2005-06. The Tribunal found that the amount in question was not share application money, leading to the reversal of the CIT(A)'s decision and reinstatement of the penalty. The Revenue's appeal was allowed, emphasizing the significance of accurately characterizing financial transactions to ascertain penalty applicability under the Income Tax Act. Case-Laws Income Tax Thu, 10 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275317