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TMI Blogshare application moneyX X X X Extracts X X X X X X X X Extracts X X X X ..... share application money X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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,b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le 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 oth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 COMMISSIO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NER 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. X X X X Extracts X X X X X X X X Extracts X X X X ..... r> Discussion Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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