https://www.taxtmi.com/caselaws?id=752693 The HC ruled that share application money and its repayment exceeding Rs. 20,000 through cash instead of account payee cheque or bank draft does not constitute a "loan or deposit" under Sections 269SS and 269T. The court held that share application money is for capital participation, neither repayable after notice nor after a period as defined in Explanation-(iii) to Section 269T. Since share application money falls outside the statutory definition of loan or deposit, provisions of Sections 269SS and 269T are not attracted, and consequently no penalty under Sections 271D or 271E can be imposed. The decision favored the assessee. en-us Mon, 06 May 2024 00:00:00 +0530 Thu, 16 May 2024 20:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752693 The HC ruled that share application money and its repayment exceeding Rs. 20,000 through cash instead of account payee cheque or bank draft does not constitute a "loan or deposit" under Sections 269SS and 269T. The court held that share application money is for capital participation, neither repayable after notice nor after a period as defined in Explanation-(iii) to Section 269T. Since share application money falls outside the statutory definition of loan or deposit, provisions of Sections 269SS and 269T are not attracted, and consequently no penalty under Sections 271D or 271E can be imposed. The decision favored the assessee. Case-Laws Income Tax Mon, 06 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752693