https://www.taxtmi.com/caselaws?id=433899 The Tribunal upheld the CIT(A)'s decision to delete penalties imposed under section 271D, concluding that the share application money did not constitute loans or deposits as alleged by the Revenue. The Tribunal emphasized that penalties under section 271D apply to cash loans or deposits, which was not the case with the share application money in question. The Tribunal dismissed the Revenue's appeal, criticizing it as an unnecessary waste of resources and affirming the findings that the share application money was legitimate and not subject to penalties. en-us Thu, 09 Feb 2023 00:00:00 +0530 Mon, 13 Feb 2023 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433899 The Tribunal upheld the CIT(A)'s decision to delete penalties imposed under section 271D, concluding that the share application money did not constitute loans or deposits as alleged by the Revenue. The Tribunal emphasized that penalties under section 271D apply to cash loans or deposits, which was not the case with the share application money in question. The Tribunal dismissed the Revenue's appeal, criticizing it as an unnecessary waste of resources and affirming the findings that the share application money was legitimate and not subject to penalties. Case-Laws Income Tax Thu, 09 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433899