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SHARE APPLICATION MONEY, Income Tax

Issue Id: - 106873
Dated: 3-6-2014
By:- Srikesh Dujari
SHARE APPLICATION MONEY

  • Contents

A Pvt ltd company who has received Share Application Money for Rs. 1Crore in the F.Y. 2013-14 wants to transfer the said application money to Unsecured Loan A/c. Can it do so ?Please give Case Law reference of any High Court or Supreme Court.

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Showing Replies 1 to 1 of 1 Records

1 Dated: 19-6-2014
By:- CA GOPALJI AGRAWAL

It can be done under the instruction of the depositor. It would not violate the provision of section 269SS as held in the case of Lala Murali Lal 2004 -2 SOT 543 = 2002 (7) TMI 749 - ITAT LUCKNOW


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