Deemed Dividend - Sec 2(22)(e)
Querist : Anonymous
Pls see the question below if you can help me out
If a shareholder holding substantial interest in a closely held co. is attracted by the provisions of this Section in the following circumstances.
F.Y. 2010-11
Loan given to the company by shareholder - Rs. 1 crore
Loan repaid by the company - Rs. 50 lakhs
Loan payable by the company - Rs. 50 lakhs
My question is whether Rs. 50 lakhs repaid by the company to the director holding substantial interest attracted by the provisions of Sec 2(22)(e)
For details see below article---
https://www.caclubindia.com/articles/details.asp?mod_id=6121
Querist : Anonymous
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