TMI Blogshare application moneyX X X X Extracts X X X X X X X X Extracts X X X X ..... whether share application money can be 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,ble 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seems errorneous has not been tested by other 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment. But, I agree with the view of Gopal Ji 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 COMMISSIONER 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is now your choice to choose appropriate path. - share application money - Query Started By: - satbir singh wahi Dated:- 1-7-2010 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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