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2015 (11) TMI 918 - AT - Income TaxPenalty under section 271D - CIT(A) deleted the penalty - Held that:- It is observed that although there are some case-law including the decision of Bhalotia Engineering Works P. Ltd. v. CIT [2004 (8) TMI 66 - JHARKHAND High Court] which are in favour of the Revenue, taking a view that the share application money partakes the character of loan or deposit, there are various other case law as cited by the assessee before the learned Commissioner of Income-tax (Appeals), wherein a view in favour of the assessee has been taken, holding that the provisions of section 269SS are not applicable in the case of share application money being not in the nature of loan or deposit. In these circumstances, the learned Commissioner of Income-tax (Appeals) has rightly followed the decision of CIT v. Vegetable Products Ltd. [1973 (1) TMI 1 - SUPREME Court] and accordingly cancelled the penalty imposed by the Assessing Officer under section 271D by following the view which is in favour of the assessee. Her impugned order cancelling the penalty imposed under section 271D is, therefore, upheld and this appeal filed by the Revenue is dismissed. - Decided in favour of assessee.
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