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2012 (2) TMI 355 - HC - Income TaxPenalty u/s 271D - unsecured loan received in cash / bearer cheques – assessee contending them to be share application money – Held that:- Tribunal while deleting penalty took view that assessee company had entertained a bona fide belief of non-applicability of Section 269SS on loans accepted from its directors/ shareholders. Whereas records reveal that company specificaly pleaded the same to be share application money and not loans or deposits at all. How can it said that the company was under such bona fide belief of non-applicability of S 269SS on loans. Rule 2(b)(ix) of the Companies (Acceptance of Deposits) Rules, 1975 would also have no application in the present case wherein it is held that deposit does not include any amount received from a director or a shareholder of a private limited company. Further, shelter u/s 273B is granted if it is established that for some bona fide reasons the assessee could not get a loan or deposit by an account payee cheque or account payee bank draft which is absent in present case. Therefore, order of tribunal cancelling the penalty is set aside – Decided in favor of revenue.
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