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Income from other sorces

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 January 2013 if mr. x is shareholder in a closly held company and also a partner in a partnership firm with having substantial interest and the company gives loan to firm then is it a deemed dividend or not and if yes then in whose hand it is taxable in the hands of mr.x or the firm as per the income tax act 1961?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
08 January 2013 If Mr. X is a shareholder and does not hold 10% or more shares in such a closely held company, there will be no deemed dividend in the hands of Mr.X's firm.
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In case X has not less than 10% of the voting Power in the closely held co. then in such a case, it will be the firm, which will be liable to pay tax on such deemed dividend.
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