SAM received in Cash

[Vinod Sahni]

A private limited company can be received heavy Share application money from one persons.is there any violation under incoem tax?

[CAGOPALJI AGRAWAL]

There is no restriction as such.

AI Summary

Receipt of share application money by a private limited company is not restricted under income tax law. Whether a private limited company receiving substantial share application money from a single subscriber contravenes income tax law: the operative advisory position is that there is no restriction under income tax on receipt of share application money from one person.