22 March 2019
If a private company gives loan to its director who has substantial interest in company and company is in loss, then such loans can be considered as deemed dividend?? And whether DDT is applicable on such loan?
23 March 2019
O.K, then if the 'balance in profit and loss account' under the head 'Reserves & Surplus' shows a credit balance (accumulated profits), then the loan to Director attracts 2(22)(e) to the extend of loan or accumulated profits whichever is less.