Share application money is not loan or deposit to levy section 271D penalty

ACIT Vs Sunplant Construction Limited (ITAT Kolkata)  ITAT observed that the assessee has accepted share application money in cash and not any loan or deposit. The share capital money is an irreversible entry. It is not to be repaid by the assessee. Share application money is not loan or deposit and hence not falls u/s 269SS of the Act and penalty u/s 271D cannot be levied. FULL TEXT OF THE ORDER OF ITAT KOLKATA The Revenue is in appeal before the Tribunal against the order of ld. Commissioner of Income Tax (Appeals)-4, Kolkata dated 30.07.2018 passed for A.Y. 2010-11. 2. The grounds of appea...