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2016 (9) TMI 1639 - SCH - Income TaxPenalty u/s 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 ? - As per HC 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 we find when rigours of Section 269SS of the Income Tax Act cannot be applied - HELD THAT - Delay condoned. Leave granted.
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