Sec. 269SS Contribution towards share application money received in cash is not loan or deposit

Income Tax Officer Vs. M/s. Avadh Rubber Ltd. (ITAT Kolkata) I.T.A. No. 1853/Kol/2008 Dated : 28th May, 2010 Income Tax Appeal – Share Application Money Dispute | Abhisek Saraf’s Cash Contribution | ITAT Kolkata Decision | Penalty under s. 271D Sole dispute is whether the contribution of Abhisek Saraf in cash towards share application money in the sum of Rs. 3 lacs should be construed to be a deposit within the meaning of s. 269SS in order to apply the provisions of s. 271D. Conditions precedent for imposing penalty u/s. 271D are satisfied only when the assessee accepts loans or de...