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2(22)(e)

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(Querist)
02 November 2009 whether amount of loan advanced to a shareholder holding 50% shares in a private limited company would attract 2(22)(e) and what is the status if the advance is repaid to the company by the shareholder in a subseqent year.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
02 November 2009 If the company had accumulated profit, the said advance will become deemed dividend. If at all the advance is repaid in the next year, in the year of payment it will be deemed dividend itself according to court decisions.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
04 November 2009 Citation:-
Walchand & co Ltd Vs.CIT (1975)100 ITR 598(Bom).
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