https://www.taxtmi.com/acts?id=16294 Amendment requires that when a closely held company records credits described as share application money, share capital, share premium or similar, the resident in whose name the credit is recorded must also provide an explanation of the nature and source of the sum and such explanation must be found satisfactory by the Assessing Officer; an exception excludes persons qualifying as a venture capital fund or venture capital company from this additional requirement. en-us Tue, 29 May 2012 11:57:37 +0530 Tue, 29 May 2012 11:57:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=16294 Amendment requires that when a closely held company records credits described as share application money, share capital, share premium or similar, the resident in whose name the credit is recorded must also provide an explanation of the nature and source of the sum and such explanation must be found satisfactory by the Assessing Officer; an exception excludes persons qualifying as a venture capital fund or venture capital company from this additional requirement. Act-Rules F. Acts / Amendment Acts Tue, 29 May 2012 11:57:37 +0530 https://www.taxtmi.com/acts?id=16294