269SS /T

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2011 Dear sir,
whether shareapplication money received by a company convered under 269ss/t. If yes. pls. clarify and consequences of taken/ and repayment in cash more than 20000/- .

Kaustuv

Kaustuv (Expert)
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31 January 2011 No I think. This can not be treated as unsecured loan

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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31 January 2011 No, it is not covered.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 January 2011 Share application money received in cash is neither deposit nor loan with in the meaning of 269SS/ T.
Citation :- CIT V Rugmini Ram Raghav Spinners (P) Ltd (2008) 220 CTR (Mad) 520.

However, Delhi and Jaipur bench of the tribunal took a just opposite view.

Querist : Anonymous

Querist : Anonymous (Querist)

01 February 2011 Mr. B. Chacrapani Warrier sir,
sir, also payment in excess of Rs. 20000/- not attract sec. 269T.
PLS.

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