Share application repayment in cash
This query is : Resolved
21 January 2012
Dear Experts,
A Pvt Ltd Co. has already received share application in cash 50,000 each from two relatives of directors and now since the share is not alloted it wants to return the same in cash. Can the Company do so?
A Pvt Ltd Co. has already received share application in cash 50,000 each from two relatives of directors and now since the share is not alloted it wants to return the same in cash. Can the Company do so?
21 January 2012
Not suggested in view of the divergent decisions of courts with respect to section 269T of the Income tax Act,1961.
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