Please Help: sec 68
Posted Date : 20-May-2011 , 05:41:34 am | Posted By kamlesh kumar gupta
Share Application money received by a pvt ltd company at premium (10+190)....can amt recd as share appl money be added u/s 68 declaring premium as relatbly high and unjustified
Category : Income Tax | Answers : 2 | Comments : 2 | Hits : 603
Answers
Answer By: Mrattunjay
Yes , may be.
Please share actual facts for final answer
Please share actual facts for final answer
Answer By: Vaneet Gupta
Yes
Comments
nikhil agrawal
23-May-2011 , 01:38:14 amit depends, whether amt. received through misrepresentation or any misleading intent of the receiver. in the normal course, charging premium against the business repute is not good enough for sec. 68
CA MANOJ GUPTA
23-May-2011 , 10:36:55 amu have to prove identity and creditworthiness of applicants to avoid rigours of section 68 there is no problem as to share premium under section 68 CA MANOJ GUPTA JODHPUR 09828510543