TaxTMI 
TaxTMI 
TaxTMI 
share application money
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....hare application money<br> Query (Issue) Started By: - satbir singh wahi Dated:- 1-7-2010 Last Reply Date:- 7-7-2010 Income Tax<br>Got 2 Replies<br>Income Tax<br>whether share application money can be....
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.... received in cash , amount exceeding Rs.20000. whether Section 269SS applicable. Reply By GOPALJI AGRAWAL: The Reply: To my view, it would not covered under the provisions of section 269SS but Hon,bl....
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....e Jharkhand HC had given a verdict that section 269SS also covers share application money as depost in Bhalotia Engg. Works case. But this decision through seems errorneous has not been tested by othe....
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....r courts so far. Though penalty u/s 271D has been dropped by Madras High Court and other courts also. Reply By Rama Krishana: The Reply: Can you determine the nature of share application money? In my ....
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....view it is not a share capital. If a company fails to allot shares in turn of share application money, the same has to be returned to the person making payment. But, I agree with the view of Gopal Ji ....
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....Agrawal partially since in the matter of Bhalotia Engineering Works Pvt. Ltd [2008 -TMI - 10404 - JHARKHAND High Court] this issue has been decided against the assessee but in the matter of COMMISSION....
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....ER OF INCOME-TAX Versus RUGMINI RAM RAGAV SPINNERS P. LTD. [2008 -TMI - 30707 - MADRAS HIGH COURT] the issue has been decided in favor of assessee. It is now your choice to choose appropriate path.<br....
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....> Discussion Forum - Knowledge Sharing ....