- (1.) The Court: The appeal has been preferred by the revenue against a judgment and order dated 18th April, 2013 by which the learned Tribunal dismissed the appeal of the revenue. The facts and circumstances of this case, briefly stated, are as follows: The assessee claimed to have received a sum of Rs. 11 lakhs in cash on account of share application money. A notice under Section 271D was issued by the assessing officer on the ground that receipt of the sum of Rs. 11 lakhs in cash was in violation of the provisions of Section 269 SSS. The assessee, however, did not appear before the assessing officer. In the circumstances, the order dated 30th April, 2010 was passed imposing penalty of Rs. 10,80,000/-.
(2.) Aggrieved by the order of the assessing officer, an appeal was preferred by the assessee before the CIT(A) who passed his order dated 6th August, 2012 holding that share application money could not be treated as deposit within the meaning of provisions of Section 269 SS. Therefore, the order of the assessing officer was set aside.
(3.) The Tribunal dismissed the appeal of the revenue on the same ground.;