Deemed dividend
This query is : Resolved
Charu Singh
(Querist)
15 April 2013
If 2 private limited companies have same set of owners & promoters, whether on giving loan, provisions of section 2(22)(e) deemed dividend will apply?
CA Vikas Acharya
(Expert)
15 April 2013
yes, of-course 2(22)(e) will be applicable.
if co. A giving loan to co. B., then from the language:
any payment by a closely held co.(co. A) by way of loan to any concern(co.B), in which(in co. B) such shareholder (share holder of co. A) is a member or partner and in which he has substantial interest is deemed dividend.
if co. A giving loan to co. B., then from the language:
any payment by a closely held co.(co. A) by way of loan to any concern(co.B), in which(in co. B) such shareholder (share holder of co. A) is a member or partner and in which he has substantial interest is deemed dividend.
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Charu Singh
(Querist)
15 April 2013
Thanks a Lot Sir for resolving my query. :)
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