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2016 (11) TMI 951 - AT - Income TaxPenalty u/s 271D - Held that:- The hon'ble jurisdictional High Court in the case cited as CIT v. I. P. India P. Ltd. [2011 (11) TMI 252 - DELHI HIGH COURT ] while examining the identical issue has held that share application money is not a "deposit" within the meaning of section 269SS nor it is a "loan" by any stretch of imagination and as such, penalty cannot be imposed under section 271D of the Act. So, finding no infirmity or illegality in the findings returned by the learned Commissioner of Income-tax (Appeals), we hereby dismiss the present appeal filed by the Revenue. - Decided in favour of assessee
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