40a (2)(b) related party disclosure

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nitheesh (Querist)
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08 December 2012 -a person carrying "proprietary business" which he liable for tax audit u/s 44 AB
and the assesse also the managing director of a company.-
and he made a unsecured loan to the company rs 2000000/- out of his proprietary concern ,
whether this transaction liable to shown in the form 3cd ,under 40A (2)(b)disclosure OF the proprietary concern that he is carrying..?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 December 2012 Section 40A(2) covers only EXPENDITURE. Loan is NOT an expenditure and is accordingly outside the purview of Section 40A(2).

Accordingly, this transaction is NOT required to be reported in Form 3CD.

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