2012 (1) TMI 80

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... g Rs. 20,000/- in cash from 46 persons – assessee contending it to be share application money – Held that:- It is on record that the CIT (Appeals) had held the entire amount in dispute related to the share application money and was treated as having been fully explained. This Court has already held that share application money can not be called deposit within the meaning of section 269 SS or 269 T .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Officer had found that the respondent assessee had received money exceeding Rs. 20,000/- in cash from 46 persons. The amount was added. Proceedings under section 269 SS and imposition of penalty under section 271 D was initiated. A plea was taken that the amount was share application money and not a deposit and, therefore, the provisions of aforesaid section are not attracted. The Assessing Offic .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ax Appellate Tribunal as also the order passed by the Assessing Authority and the CIT (Appeals). Sri Chopra, learned senior counsel submitted that as the amount was received in cash exceeding Rs. 20,000/- and share application forms were undated, it was only a cover up transaction just to escape the provisions of section 269 SS of the Act and, therefore, the penalty under section 271 D was right .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X