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2018 (5) TMI 623 - AT - Income TaxLevy of penalty u/s 271D r.w.s. 269SS - assessee has received a payment of ₹ 50 lakhs by way of cash as a loan from directors - Held that:- Both the Directors have contributed the share application money to the assessee company in the year 2011 and subsequently, the shares were allotted to the share applicants. This is evident from the balance sheet of the assessee. D.R. could not controvert the fact that the assessee company had received the share application money and allotted the shares subsequently. Case of ITO Vs. Sunder Synthetics (P) Ltd [2015 (11) TMI 918 - ITAT HYDERABAD] followed. - Decided in favour of assessee.
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