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2015 (2) TMI 116 - HC - Income TaxPenalty under Section 271D - whether share application money received in cash is in the nature of deposit and not in contravention to the provisions of Section 269 SS ? - Held that:- In the present case the assessee was under the bona fide impression that the money received was only towards allotment of shares and it is not a loan or deposit. Hence, following the decision of this Court CIT V. Rugmini Ram Raghav Spinners Private Limited [2007 (7) TMI 237 - MADRAS HIGH COURT] we find when rigours of Section 269SS of the Income Tax Act cannot be applied, penalty could not be levied under Section 271D of the Income Tax Act. - Decided in favour of assessee.
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