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Share application money

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(Querist)
24 September 2013 Sir,
Can we recieve share application money in cash?
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
24 September 2013 Sec 269SS doesn't apply to share application money received in cash,
Share application money can be received in cash...
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 September 2013 In the cited case it is treated as deposit and decided that 269SS will apply.

But in CIT v Rugmini Ram Ragav Spinners P. Ltd. (2008) 304 ITR 417 (Mad), it was held that share application money received in cash is neither a loan nor a deposit for the purpose of section 269SS.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
24 September 2013 Thank you Sir,
For the Citation and for the correction....
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
24 September 2013 Will you please provide me the link for citation which you stated...
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