Share application money payment in cash

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CA VIKASH AGARWAL

CA VIKASH AGARWAL (Querist)
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01 September 2012 a person make payment of rs 5 lacs in cash towards share application money. it is allowed or not

CA Jeen paul

CA Jeen paul (Expert)
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01 September 2012 yes, there are no restriction on payment of share applicatiom money to be paid by way of cash
restriction only for payment of expenese,accepting loan and repayment of loan

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 September 2012 Courts have given divergent views based on section 269SS of the IT Act,1961.
One, among others, against the company is the judgment
of the High Court of Jharkhand in Bhalotia Engineering Works (P) Ltd reported in (2005) 275 ITR 399.

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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01 September 2012 Share Application Money Exceeding 50000 Cant Received in Cash.
and as Per Preferential Rules Also, No Public Company Can Receive Application Money in Cash.

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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01 September 2012 Share Application Money Exceeding 50000 Cant Received in Cash in IT.
and in Co Act,as Per Preferential Rules Also, No Public Company Can Receive Application Money in Cash.

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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01 September 2012 Share Application Money Exceeding 50000 Cant Received in Cash in IT.
and in Co Act,as Per Preferential Rules Also, No Public Company Can Receive Application Money in Cash.