How much amount in cash can be taken as share application money by a company whether the same be allotted or not in the same year? Can the principal of owner be applied in case of company like in a proprietorship/partnership firm can take capital from proprietor/partner without any limit, where as the share applicant has not become member of the company till allotment pending. Will section 269SS will be attracted? if available case law is provided, it will be a great help.
30 May 2010
Dear Mr Deepak, but in some cases, assessing officer treats it as voilation of sec 269s if not allotted in same fin year. If there is any decided case or ruling available.
CAclubindia
