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Deemed dividend - where huf is a partner in the firm

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Vipul (Querist)
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16 April 2012 Hello,

Assume there is a pvt ltd company XYZ with Directors X, Y, Z (each holding 33% shares) and this company gives a loan\advance to a Firm ABC in which 'X'(huf) is a partner.

Does this situaltion attract Deemed dividend?

swasti (Expert)
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16 April 2012 Sec 2(22)(e) could be attracted if the director holds more than 20% in the firm.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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16 April 2012 NO IN THIS CASE THE CONCERN TO WHOM LOAN IS GIVEN IS NOT BENEFICIALLY OWNED BY X
CA MANOJ GUPTA
JODHPUR
09828510543

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