Deemed dividend
This query is : Resolved
26 August 2016
Whether Deemed dividend U/S 2(22)e of Income Tax Act 1961 would Attract in the Following Case:
Where a Director has take a loan from the company ( which has been re-paid within 15 days) and purchased a property for the company with the same.
Where a Director has take a loan from the company ( which has been re-paid within 15 days) and purchased a property for the company with the same.
26 August 2016
Yes, attracts though the loan is squared up . Inference- Ms. P. Sarada Vs. CIT [1998] 96 Taxman 11 (SC).
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