(40(a)(ii)
Querist : Anonymous
Mr. A is Director of A Ltd. & B Ltd.
A Ltd. Purchased Goods From B Ltd.
is it covered in 40 A 2 of IT Act.
Case 2:-
Mr. A is Director of A Ltd.
Mr. A's Relative is Director in B Ltd.
A ltd. Purchased Goods From B Ltd.
It This Covered.??
Querist : Anonymous
Case 1
If Mr. A has a substantial interest in B Ltd, then B Ltd is related person for A Ltd. and Section 40A(2) shall be attracted.
Case 2
If relative of Mr. A has a substantial interest in B Ltd. then B Ltd. is related person for A Ltd. and Section 40A(2) shall be attracted.
Querist : Anonymous
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