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2015 (11) TMI 918 - ITAT HYDERABAD

2015 (11) TMI 918 - ITAT HYDERABAD - [2015] 41 ITR (Trib) 618 (ITAT [Hyd]) - Penalty under section 271D - CIT(A) deleted the penalty - Held that:- It is observed that although there are some case-law including the decision of Bhalotia Engineering Works P. Ltd. v. CIT [2004 (8) TMI 66 - JHARKHAND High Court] which are in favour of the Revenue, taking a view that the share application money partakes the character of loan or deposit, there are various other case law as cited by the assessee before .....

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nder section 271D by following the view which is in favour of the assessee. Her impugned order cancelling the penalty imposed under section 271D is, therefore, upheld and this appeal filed by the Revenue is dismissed. - Decided in favour of assessee. - I. T. A. No. 314 /Hyd/ 2015 - Dated:- 1-7-2015 - P. M. JAGTAP (Accountant Member) Bandi Ramakrishna for the appellant. Sanjay Kumar for the respondent. ORDER 1. This appeal is preferred by the Revenue against the order of the learned Commissioner .....

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assed by the Assessing Officer on December 31, 2010 for the year under consideration. As noted by the Assessing Officer during the course of the assessment proceedings, the assessee-company had received an amount of ₹ 35 lakhs from its directors towards share application money in cash. According to the Assessing Officer, the said amount received by the assessee being in cash was violative of the provisions of section 269SS of the Act, and therefore, the assessee-company was liable to pay p .....

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alotia Engineering Works P. Ltd. v. CIT [2005] 275 ITR 399 (Jharkhand), wherein it was held that share application money partakes the character of deposit, since it is repayable in specie on refusal to allot shares. Accordingly, relying on the decision of the hon'ble Jharkand High Court in the case of Bhalotia Engineering Works P. Ltd. (supra) as well as the decision of the hon'ble Bombay High Court in the case of Dhanji R. Zalte v. Asst. CIT [2004] 265 ITR 204 (Bom), a penalty of ₹ .....

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re various other judicial pronouncements that are in favour of the assessee on this issue, specifically citing the following : (a) CIT v. Alpex Exports P. Ltd. [2014] 361 ITR 297 (Delhi) ; (b) CIT v. I. P. India P. Ltd. [2012] 343 ITR 353 (Delhi) ; (c) CIT v. Speedways Rubber P. Ltd. [2010] 326 ITR 31 (P&H) ; (d) ITO v. Avadh Rubber Ltd. [2011] 43 SOT 309 (Kolkata) ; (e) Bhikhabhai Dhanjibhai Patel v. Asst. CIT [2010] 127 TTJ 479 (Ahd); Page No : 0621 (f) CIT v. Lakshmi Trust Co. [2008] 303 .....

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