2013 (4) TMI 750

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.... the sole ground which reads as under :- "1. That on the facts and in the circumstances of the case the ld. CIT(A) was not justified in deleting the penalty of ₹ 10,80,000/- imposed u/s 271D of the IT Act for violating the provisions of Section 269SS." 2. The ld. DR initiating his arguments submitted the brief facts that "In the instant case penalty order u/s 271 D was passed on 30.4.2010 ....

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....sit in the form of share application money above specified limit as prescribed in section 269SS. Mute question involved in the present case is whether share application money received in cash comes under the definition of deposit/loan within the meaning of provison of section 269SS. Hon'ble Jharkhand High Court in the case of Bhalotia Engineering Works Pvt. Ltd. [275ITR 399] has observed that sh....

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.... application money received during the year in cash above the specified limit is a deposit within the meaning of section 269SS." 3. The ld. Counsel for the assessee respondent perused the order of the ld. CIT(A) who has elaborately considered the case of the assessee appellant and noted the following :- "After careful consideration of the penalty order u/s 271D for violation of section 269SS and....