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2012 (10) TMI 318 - AT - Income TaxPenalty u/s 271D – Share application money receive in cash - U/s 269SS it's deposit or not - Assessee accepted share application money in cash from director – AO initiated penalty proceeding considered it as deposit - Prohibition contained in sec. 269SS - Held that:- As the provisions of sec. 269SS were brought on statute to curb the practice of black money in cash transaction. Though the provisions are attracted that it may be lawful to impose penalty, but in case of technical or venial breach with bonafide belief, observation comes to assessee’s rescue as decided by Hon’ble Supreme Court’s in case of Hindustan Steels Ltd.(1969 (8) TMI 31). Therefore assessee is under bonafide belief that the amounts could have been accepted by cash. Accordingly, the penalty levied u/s 271D is deleted. Decision in favor of assessee.
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