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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.

Share application money reclassification permitted when done on depositor instruction, avoiding prohibited deposit acceptance consequences. A private limited company may, on the depositor's instruction, transfer received share application money to an unsecured loan account; such a reclassification is a matter of accounting treatment and, where it reflects the applicant's direction rather than a fresh act of deposit-taking, has been held not to contravene the statutory prohibition on acceptance of deposits under relevant tax-administrative precedent. (AI Summary)
Income Tax
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CAGOPALJI AGRAWAL on Jun 19, 2014

It can be done under the instruction of the depositor. It would not violate the provision of section 269SS as held in the case of Lala Murali Lal 2004 -2 SOT 543 = 2002 (7) TMI 749 - ITAT LUCKNOW

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