Penalty u/s 271D Invalid: Share Application Money Not Treated as Deposit by Assessing Officer.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Levy of penalty u/s. 271D - treating the share application money as deposit u/s 269SS - once the A.O. has treated the share application money received by the assessee in cash, as undisclosed income of the assessee, he could not have proceeded on the basis that it was deposit; and that there was no question of levy of penalty u/s. 271D....