SHARE APPLICATION MONEY, Income Tax

[Srikesh Dujari]

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.

Posts / Replies

[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