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2012 (3) TMI 174 - HC - Income TaxPenalty u/s 271D – loans and deposits received in contavention to Section 269SS – penalty waived by Tribunal accepting contention of assessee that the same is share application money – Held that:- First and the foremost aspect, which has to be considered and examined is whether the amount received was loan or deposit. This aspect has not been considered and examined by the tribunal in spite of the specific findings recorded by the A.O. and the CIT (Appeals). Therefore, an order of remit is passed to the Tribunal to decide the appeal afresh after recording factual finding – Decided in favor of Revenue.
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