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Share Application money

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(Querist)
06 November 2008 i am depositing cash in our account and made a account payee cheque in the name of the company for sahre application after some time company alloted me share,

is it violation of the section 269SS. if yes pls specify section 269SS in this regards
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Pankaj

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Pankaj (Querist)
06 November 2008 Dear All Members,

Please can any one answer the above questions?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
06 November 2008 What do you mean by 'i am'depositing cash in 'our account'
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Pankaj

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Pankaj (Querist)
06 November 2008 Firs, depositing cash in our bank Account after that paid to the company by account payee cheque for share application
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
06 November 2008 You can do that, provided you can explain the source of cash deposited.
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Pankaj

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Pankaj (Querist)
07 November 2008 if the share applicant is not given such explanation to the company.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
07 November 2008 He need not give explanation to the company, but the shareholder may have to explain the source to IT authorities if asked.

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