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2023 (2) TMI 414 - AT - Income TaxPenalty u/s 271D - additions were confirmed towards share application money as a colorable device - AO considered the same as deemed deposits and considered it as violation of section 269SS - HELD THAT:- Assessee has accepted the share application money and not any loan or deposit. The share capital money is an irreversible entry. It is not to be repaid by the assessee. Similarly the first part is relating to expenditure incurred by the Group. For intra-group services, this is also not loan or deposit. AO has presumably failed to construe the transaction as well as meaning of section 269SS read with section 271D. The more surprising factor is that ld. Principal CIT (Admin.), who has given permission to file the appeal, failed to appreciate the order of the ld. CIT(Appeals) before authorizing the revenue to file the appeal before the Tribunal. It is unnecessarily wastage of resources. Appeal of the Revenue is dismissed.
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