Deemed Dividend
This query is : Resolved
ANAND U PATANKAR
(Querist)
24 February 2010
Dear All,
My query is as below:
Mr A has 15% shareholding is X Ltd. X Ltd is a closely held co. X Ltd took loan from ABC Bank and given to Mr A as unsecured loan.
Whether this will be treated as "Deemed Dividend" u/s 2(22(e) of Income Tax Act 1961.
Thanks in Advance
Anand
My query is as below:
Mr A has 15% shareholding is X Ltd. X Ltd is a closely held co. X Ltd took loan from ABC Bank and given to Mr A as unsecured loan.
Whether this will be treated as "Deemed Dividend" u/s 2(22(e) of Income Tax Act 1961.
Thanks in Advance
Anand
24 February 2010
Because this loan given to Mr. A by X Ltd. not by ABC Bank, therefore it should be taxable as deedmed dividend u/s 2(22)e.
Regards!!!
Dinesh S. Adhikari
Regards!!!
Dinesh S. Adhikari
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