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2010 (9) TMI 863 - HC - Income TaxPenalty under section 271D - Share application money treated as loans or advances by the Assessing Officer - AO had treated the receipts of share application money as undisclosed income of the assessee u/s 68 - Held that:- Tribunal accepted the order of the Commissioner of Income-tax (Appeals) on the foundation that once the share application money is treated as an undisclosed income, the penalty proceedings under section 271D cannot be initiated proceeding on the foundation that it is a deposit.
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