Author : Anonymous
( Author )
21 June 2012
Hi all,please help me in the following issue.
a director of a private limited company taken an advance of Rs. 50 lakh from our company against advance received against sale of property in fy 2005-2006 (director is the owner of that property), however there is no sale deed executed yet, and the property is also not trf in the company name, the amount is shown as an advance amt paid against property in company balance sheet, what is the impact under income tax act & there solution. the company case has been reopen under sec 153A.(the director has not hold any shares in that company so concept of deemed dividend not arise)
CA Vikas Aggarwal