Cash credit scrutiny in companies: resident contributor must explain source of share capital or premium, subject to AO satisfaction. Amendment requires that where a closely held company records share application money, share capital, share premium or similar credits, the recorded resident must also explain the nature and source of the amount, and the Assessing Officer must find that explanation satisfactory; an exception applies for amounts recorded in the name of a venture capital fund or venture capital company.
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Cash credit scrutiny in companies: resident contributor must explain source of share capital or premium, subject to AO satisfaction.
Amendment requires that where a closely held company records share application money, share capital, share premium or similar credits, the recorded resident must also explain the nature and source of the amount, and the Assessing Officer must find that explanation satisfactory; an exception applies for amounts recorded in the name of a venture capital fund or venture capital company.
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