Case Law Details
Case Name : M/s Eqbal Inn & Hotels Ltd. Vs The JCIT (ITAT Chandigarh)
Related Assessment Year : 2003- 04
Courts :
All ITAT ITAT Chandigarh
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Issue- The Assessing Authority having noticed that the assessee-company had accepted share application money in cash from its directors in violation of provisions of section 269SS, imposed penalty under section 271D and Commissioner (Appeals) upheld penalty order.
Now the first question arises whether the assessee has contravened the provisions of section 269SS. As observed earlier, no definition has been given clearly for the expression “Loan or Deposit”. In the normal business world, a loan connotes a tr
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We have been taking amounts from x for repayment of salaries and petty expenses since the authorised caaital is only 10.00 Lakhs. the mount is reached upto 50.00 Lakhs now and it will go upto 1 crore. the amounts collected during 2014-15 and 15-126 another 60 to 70 lakshs will bedded. my question is :
can i keep the amont deposited in the bank for paying the salaries and kept under Shre application Money head,how much period i can hold. I understood that it can not be hold like this for more than one year. is it correct. in case the parties who have given that money neither as deposit nor loan inder which account I should show in my books of account