Deemed dividend - loans and advance to related concerns
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2013
MR. A IS DIRECTOR IN ABC CO. PVT. LTD. A HAS GIVEN UNSECURED LOAN OF RS. 50 LAKH TO THE COMPANY. THE COMPANY IN IT'S TURN HAS GIVEN LOAN OF RS. 25 LAKH TO HUF OF MR. A . WHETHER
PROVISIONS OF SECTION 2(22) OF INCOME TAX ACT, ARE ATTRACTED .
PROVISIONS OF SECTION 2(22) OF INCOME TAX ACT, ARE ATTRACTED .
29 December 2013
Yes it is applicable provided the HUF is the shareholder of the company or the Karta is the shareholder of the company. In case the loan is given in due course of business as business advance then it is not applicable and the provisions cannot be attractged
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