2010 (9) TMI 863

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..... Income-tax (Appeals) on the foundation that once the share application money is treated as an undisclosed income, the penalty proceedings under section 271D cannot be initiated proceeding on the foundation that it is a deposit. - 1365 of 2010 - - - Dated:- 20-9-2010 - DIPAK MISRA, MANMOHAN, JJ. JUDGMENT 1. Heard Ms. Rashmi Chopra, learned counsel for the Revenue and Mr.U. S. Kochar, le .....

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..... that it is a deposit. 4. Being grieved by the aforesaid order, the Revenue preferred an appeal before the Income-tax Appellate Tribunal (for short "the Tribunal") and the Tribunal accepted the order of the Commissioner of Income-tax (Appeals) on the foundation that once the share application money is treated as an undisclosed income, the penalty proceedings under section 271D could not have b .....

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..... undisclosed income, it could not have proceeded on the foundation that it is a deposit. In our considered opinion, this submission canvassed by Mr. Kochar has substantial force and the question raised by the Revenue really does not arise in this case. Needless to say that the said question may arise where the facts would be different but the same has no relevance to the case at hand. In view of th .....

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