https://www.taxtmi.com/forum/issue?id=2026 Whether cash receipt of share application money falls within the statutory prohibition on specified cash transactions is disputed. One position treats application money as refundable where allotment has not occurred and outside the prohibition; contrary authority treats such receipts as covered, exposing recipients to penalties under the tax penalty framework. The legal position is unsettled and depends on characterization of the payment and conflicting court rulings. en-us Thu, 01 Jul 2010 16:16:49 +0530 Thu, 23 Jan 2025 15:58:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=2026 Whether cash receipt of share application money falls within the statutory prohibition on specified cash transactions is disputed. One position treats application money as refundable where allotment has not occurred and outside the prohibition; contrary authority treats such receipts as covered, exposing recipients to penalties under the tax penalty framework. The legal position is unsettled and depends on characterization of the payment and conflicting court rulings. Discussion-Forum Income Tax Thu, 01 Jul 2010 16:16:49 +0530 https://www.taxtmi.com/forum/issue?id=2026