Share application money is capital borrowed for the purpose of business until shares are allotted

Last updated: 03 January 2023

Court :
ITAT Delhi

Brief :
It was held that Share application money is capital borrowed for purpose of business or profession until shares are allotted.

Citation :
ITO (2020) 77 ITR 50 (SMC) (SN) (Delhi) (Trib.)

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Published in Income Tax
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