28 September 2007
IF THE ARTICLES OF ASSOCIATION OF A COMPANY PERMITS TO RECEIVE SHARE APPLICATION MONEY IN KIND, YES YOU CAN RECEIVE IT IN KIND LIKE CONSIDERATION FOR SERVICES , VENDOR AGREEMENTS ETC... but you have to categorise separately in accounts as share appication in cash and in kind with all supportings.otherwise as unexplained credits it will be added as income by INCOME TAX DEPT. R.V.RAO
CAclubindia
