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TMI Blog2014 (12) TMI 392X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is only for the purpose of allotment of shares and it is not a deposit or loan - the reasonable cause is that the assessee was under the bona fide belief that the money received is only for the purpose of allotment of shares - also, there is no material or evidence or any compelling reason produced by the Revenue to prove that the money received is a deposit or loan - it is a question of fact and the order of the Tribunal is not a perverse one - the assessee was under the bona fide impression that the money received was only towards allotment of shares and it is not a loan or deposit – thus, as such no substantial question of law arises for consideration – Decided against revenue. - Tax Case (Appeal) Nos. 982 and 983 of 2014 & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x (Appeals), who after following the decision of this Court reported in 304 ITR 417 (CIT V. Rugmini Ram Raghav Spinners Private Limited), held as follows: 19. In view of the above discussion, it is hereby held that share application money received by way of transfer of shares held by Smt.Baby Rani and Shri Anand Shah would be outside the scope of Section 269SS. The amounts of ₹ 1,05,000 received as share application money being less than ₹ 20,000 from each of the 8 individuals would also be outside the scope of Section 269SS. In view of the jurisdictional Madras High Court decision in 285 ITR 221 and 304 ITR 417, it is hereby held that the ratio of the Jharkhand High Court decision in 275 ITR 399 would not be applicable to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and perused the materials placed before this Court. 6. In the decision reported in 304 ITR 417 (CIT V. Rugmini Ram Raghav Spinners Private Limited), this Court had an occasion to consider the similar issue, wherein this Court held as follows: .....if the assessee proves that there is a reasonable cause, he is not subject to levy of penalty. The case of the asses-see is that, the amount received by the assessee is only for the purpose of allotment of shares and it is not a deposit or loan. In this case, the reasonable cause is that the assessee was under the bona fide belief that the money received is only for the purpose of allotment of shares. Also, there is no material or evidence or any compelling reason produced by the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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