27 November 2012
Dear Mr. Srivastav, Even if it is paid or received in cash there is no violation of section 269SS or 269T. The money in cash by a company towards allotment of shares, was neither a loan nor a deposit and if it is not a "loan or deposit" then section 269T will not attract. Citation- 1. Hon’ble Madras High Court in CIT Vs. Rugmini Ram Ragav Spinners Private Ltd. (2008), 304 ITR 417 2. Deputy CIT V/s. M/s Alpex Exports (P) Ltd-ITAT(DELHI)-28/08/2012
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