Share application money received pending allotment

Dear all,

I have problem regarding following case,

One unlisted public limited compny received share application money but does not allot share to applicant in year 2007-08. this pending allotment shows as share application money received pending allotment in balance sheet.

In Year 2011-12 this pending allotment treated as Capital receipt and booked as income.

My qoestion is this whether there is any violation of any provision of Companies Act 1956 and if Yes whether any Penalty or procecusion.