25 June 2009
The information provided looks incomplete. If the Promoters have not paid their subscription money how did the company get cash. Who met the premimy expenses. In any case cash needs to be brought in by the promoters towards their share of subscription money to the extent the minimum paid capital of a pvt ltd co or the minimum capt by MOA is met. WRT income tax as the identity and source of income are expalinable i think there should not be any problem especially when a new co is formed the bank account would not have been opened and the intial deposit in bank should be in cash which has to be met by promoters and no one else.
25 June 2009
better you received cash form promoter and directly credit to share capital account instead of routing through share application account there will no application of 269SS