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SHARE APPLICATION MONEY

NABIN AGARWAL

A Pvt ltd company who has received Share Application Money for Rs. 1Crore in the F.Y. 2013-14 wants to transfer the said application money to Unsecured Loan A/c. Can it do so ?Please give Case Law reference of any High Court or Supreme Court.

Company's Share Application Money Transfer to Unsecured Loan Allowed Under Section 269SS, ITAT Lucknow Case Referenced A private limited company received share application money amounting to Rs. 1 crore in the financial year 2013-14 and inquired about transferring this amount to an unsecured loan account. The response provided by a chartered accountant indicated that this transfer could be executed under the depositor's instructions without violating section 269SS. The reference case cited was Lala Murali Lal 2004, as decided by the ITAT Lucknow. (AI Summary)
Income Tax
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