Does share application money paid is the type of transaction which will attract provisions of sec 297?
As per my interpretation of sec 297, share application money paid does not come in the ambit of any of the transaction specified in the section so it will not attract the provisions of this section.
Please tell me whether my interpretation is right or wrong.
Section 297 of CA 1956 is no more in force from 1.4.204.
yes i know that sir. but this query is related to a transaction taken place in the year 2010-11
pls clarify
No it was not covered u/s 297. Though shares are 'goods', yet they come into existence only on allotment. Hence share application money was out of ambit of Sec.297.
ok thank you sir for solving the query.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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