Share application money received in cash

Nehsel Exports Pvt. Ltd Vs. Addl. CIT, New Delhi [ ITAT DELHI ] - The grounds of appeal raised by the Assessee are : That having regard to  the facts and circumstances of the case Ld. AO has erred in law and facts in  intimating the proceedings for imposition of penalty for accepting the share  application money Rs. 50,000/- in cash and Ld. CIT(A) has erred in  confirming the same. Etc. The appeal of the assessee is allowed.