Held that the very basis of reference by the AO to the Jt. CIT for initiation of penalty proceedings for violation of s. 269SS is wholly and solely guided by the fact that the amount of share application money has been received from the existing promoters/shareholders in cash. Similarly, the Jt. CIT while initiating the penalty proceedings has solely relied on the reference so received from the AO and without any independent application of mind has initiated the penalty proceedings and issued the penalty notice under s. 271D. (AY. 2012-13)