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2015 (12) TMI 1074 - PUNJAB AND HARYANA HIGH COURTPenalties under section 271D - violation of Sections 269SS - ITAT deleted penalty - Held that:- The amount received by the assessee towards share application money would not fall under loan or deposit under section 269SS of the Act. Consequently, the penalty under Section 271D of the Act was not leviable. The Tribunal was right in deleting the penalty. - Decided in favour of assessee.
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