Advance of loan by company

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 February 2014 Sir,
Ours is a Pvt Ltd. company I want to know that can our company advance loan to any person who is a known person of director but not relative and whether the provision of Sec 2(22)(e) of Income Tax Act 1961, and Scetion 185 of Companies Act would apply.

09 February 2014 well if the person is unrelated, then no problem under 2(22)(e) or companies act.

13 February 2014 Sec 2(22)e is not applicable in this case.


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