Income Tax Act 1961

Section 269SS of Income Tax Act 1961 having restrictions on acceptance of ‘loan’ or ‘deposit’ for Rs. 20,000 or above otherwise than by way of account payee cheque/DD. In the said matter the Hon'ble Calcutta High Court vide judgement dated 6.5.2024 has held that share application money is neither loan nor deposit and hence cannot be covered u/s 269SS.