https://www.taxtmi.com/article/detailed?id=1921 The legal issue is whether amounts shown as share application money constitute loans or advances under the deemed-dividend provision. Where the payer applied for shares and the company recorded the receipts as share application pending allotment, and the Revenue produces no material disproving the genuineness of applications or entries, those receipts retain the character of share application money rather than loans or advances and the deemed-dividend rule does not apply. en-us Sat, 13 Oct 2012 09:29:00 +0530 Sat, 13 Oct 2012 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1921 The legal issue is whether amounts shown as share application money constitute loans or advances under the deemed-dividend provision. Where the payer applied for shares and the company recorded the receipts as share application pending allotment, and the Revenue produces no material disproving the genuineness of applications or entries, those receipts retain the character of share application money rather than loans or advances and the deemed-dividend rule does not apply. Articles Income Tax Sat, 13 Oct 2012 09:29:00 +0530 https://www.taxtmi.com/article/detailed?id=1921