9911796707
TMI Blog2012 (1) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... on record. The present appeal has been filed under section 260 A of the Income Tax Act, 1961, against the order dated 20.03.2008 passed by the Income Tax Appellate Tribunal in ITAT No. 274/Luc/2004, in the matter relating to imposition of penalty under section 271 D of the Act, in respect of the Assessment Year 1997-98. It appears that search & seizure operation was carried out on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax (Appeals), Kanpur, who vide order dated 03.02.2004 had allowed the appeal on the ground that the money received by the respondent assessee was share application money and the provisions of section 269 SS are not attracted. The Revenue preferred an appeal before the Income Tax Appellate Tribunal, which by the impugned order dated 20.03.2008 has been pleased to dismiss the appeal. We hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e entire amount in dispute related to the share application money and was treated as having been fully explained. The Department for the reasons best known had accepted the order of the CIT (Appeals) dated 17.12.2002 and did not agitate the matter in appeal before the Tribunal. However, we find that this Court in ITA No. 148/1999 decided on 16.01.1998 has held that the share application money can ..... X X X X Extracts X X X X X X X X Extracts X X X X
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