https://www.taxtmi.com/caselaws?id=30707 The High Court found that cash payments received by a closely-held company were advance share capital, not deposits or loans, leading to the dismissal of the Revenue's appeal. The court emphasized the importance of establishing a reasonable cause to avoid penalties under the Income-tax Act. The Assessing Officer's penalty under section 271E was overturned as the transactions were related to share application money, not deposits falling under section 269T. The court ruled in favor of the assessee, highlighting the lack of evidence supporting the transactions as deposits or loans, ultimately upholding the Tribunal's order. en-us Thu, 12 Jul 2007 00:00:00 +0530 Wed, 17 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30707 The High Court found that cash payments received by a closely-held company were advance share capital, not deposits or loans, leading to the dismissal of the Revenue's appeal. The court emphasized the importance of establishing a reasonable cause to avoid penalties under the Income-tax Act. The Assessing Officer's penalty under section 271E was overturned as the transactions were related to share application money, not deposits falling under section 269T. The court ruled in favor of the assessee, highlighting the lack of evidence supporting the transactions as deposits or loans, ultimately upholding the Tribunal's order. Case-Laws Income Tax Thu, 12 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30707