Please Help: Allotment of shares against unsecured loans
Posted Date : 08-Jan-2013 , 11:01:16 am | Posted By: Dilbagh
Category :
Income Tax | Answers :
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can a company issue shares against the unsecured loan? will it be contravention of Sec.269T?? |
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Answers:
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 Answer by: CA Satuti Mahajan |
| no
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| Posted By : Dilbagh |
08-Jan-2013, 06:30:27 |
| sagar saraswat for your reply..but in sec. 269T we also hav to report whether loan has been squared off during the year...or paid by book entry...will this transaction of conversion not come under those conditions?? |
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| Posted By : |
08-Jan-2013, 06:30:13 |
| sagar saraswat for your reply..but in sec. 269T we also hav to report whether loan has been squared off during the year...or paid by book entry...will this transaction of conversion not come under those conditions?? |
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| Posted By : Dilbagh |
08-Jan-2013, 05:08:22 |
| sagar saraswat for your reply..but in sec. 269T we also hav to report whether loan has been squared off during the year...or paid by book entry...will this transaction of conversion not come under those conditions?? |
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| Posted By : CA Sagar Saraswat |
08-Jan-2013, 12:16:03 |
| yes, it is possible there is no contravention of 269T
because in sec 269T all reference is given to payment but here it is a case of conversion of loan in to share capital so i.e. why section will not contravened |
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