Section 269SS of Income Tax not apply to share application money received in cash

Layog Properties Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) ITAT Delhi held that share application money received in cash for allotment of shares would not amount either to a loan or deposit within the meaning of Section 269SS of the Income Tax Act. Accordingly, penalty u/s 271D not leviable. Facts- The short point for consideration is as to whether the share application money received by the assessee in cash is amounting to loan or deposit within the meaning of provisions of Section 269SS of the Act so as to attract the penalty u/s 271D of the Act. Conclusion- We observed that identical issue came u...