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share application money

(Querist) 10 September 2009 This query is : Resolved 
sir,
The private company as received share application money in cash not in one transaction during the year means partly Like (10000/,15000/,20000/=)from 46 person and all is cash so there any chance to escape from IT act.riven
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Vineet (Expert) 02 November 2009
The transaction prima facie raises doubts of sham introduction of capital.

During scrutiny, each contributor has to satisfy his creditworthiness and genuineness of transaction.

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