DEPUTY COMMISSIONER OF INCOME TAX, CHANDIGARH vs. JAMES HOTELS LTD, CHANDIGARH

ITA 552/CHANDI/2023Status: DisposedITAT Chandigarh01 October 2024AY 2012-13Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)48 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that share application money received in cash is not covered by the provisions of Section 269SS, as it is neither a loan nor a deposit. The Companies Act does not prohibit receiving share application money in excess of authorized capital.

What were the facts?

The assessee received cash as share application money from directors/shareholders. The AO initiated penalty proceedings under Section 271D for alleged violation of Section 269SS, treating the cash receipts as loans or deposits.

What were the issues?

Whether cash received as share application money from directors/shareholders is a violation of Section 269SS, attracting penalty under Section 271D.

Which sections of the Income-tax Act were involved?

Section 269SS,Section 271D

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(8)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Cause title — parties, addresses and appearances
आयकर अपीलीय अिधकरण,च"ीगढ़ "ायपीठ “ए” , च"ीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH “A”, CHANDIGARH HEARING THROUGH: HYBRID MODE "ी आकाश दीप जैन, उपा"" एवं "ी िव"म िसंह यादव, लेखा सद" BEFORE: SHRI. AAKASH DEEP JAIN, VP & SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं./ ITA NO.552/Chd/2023 िनधा"रण वष" / Assessment Year : 2012-13 The DCIT James Hotels Ltd. बनाम Chandigarh # 10, Sector -17A, Chandigarh "ायी लेखा सं./PAN NO: AAACJ3508M अपीलाथ"/Appellant ""थ"/Respondent िनधा"रती की ओर से/Assessee by : Shri R.K. Kapoor, Shri Prince and Shri Sanjay Gupta, C.A’s राज" की ओर से/ Revenue by : Shri Rohit Sharma, CIT, DR सुनवाई की तारीख/Date of Hearing : 04/07/2024 उदघोषणा की तारीख/Date of Pronouncement : 01/10/2024

आदेश/Order PER VIKRAM SINGH YADAV, A.M. :

This is an appeal filed by the Revenue against the order of the Ld. CIT(A)/NFAC, Delhi dt. 10/07/2023 pertaining to Assessment Year 2012-13. 2. In the present appeal, Revenue has raised the following grounds of appeal:

(i) The Ld. CIT(A), on facts and circumstances of the case, has erred in deleting the penalty of Rs. 1,75,00,000/- under section 271D of the Act by the AO holding that the assessee has made the impugned transactio

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 269SS

All 1,429 judgments and leading authorities on Section 269SS →

Recent GST High Court judgments

Search GST case law →