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2007 (7) TMI 237 - HC - Income Tax
Assessee had repaid some of the share application money which it had received earlier in cash – assessee plea is that amount received is only for the purpose of allotment of shares and it is not a deposit or loan, is acceptable – no interest paid on advance - bona fide belief that the money received is only for the purpose of allotment of shares - Tribunal rightly held that cash payments pertains to refund of share application money and not repayment of deposit or loan –penalty not leviable