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Share application repayment in cash

This query is : Resolved 
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(Querist)
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?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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