269ss & 269t
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 February 2012
What is the tenure of keeping share application money pending allotment ??? Does Section 269ss/269t is attracted on it??
29 February 2012
90 days from the date of receipt of money sec 269ss/269t is not applicable since it is not a loan further PAN No. is compulsory if investment exceeds 50,000/- further if you convert share application money to loan then SEC 269ss/269t will be applicable
29 February 2012
This is a vexed question.
i) Share application money received in cash will not come with in the ambit of section 269SS.
Citation :- ITO Vs. Avadh Rubber ltd 43 SOT 309.
ii) Share application money received in cash should be treated at par with loan or deposit confirming applicability of section 269SS/269T.
Citation:- Prabhavashali Chit Fund Co Pvt Ltd Vs. CIT 49 ITD 566.
i) Share application money received in cash will not come with in the ambit of section 269SS.
Citation :- ITO Vs. Avadh Rubber ltd 43 SOT 309.
ii) Share application money received in cash should be treated at par with loan or deposit confirming applicability of section 269SS/269T.
Citation:- Prabhavashali Chit Fund Co Pvt Ltd Vs. CIT 49 ITD 566.
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 March 2012
thanks sir...
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