Income tax
This query is : Resolved
07 February 2014
I AM DIRECTOR IN THE PVT LTD COMPANY DURING THE YEAR AY 2011-12 I HAVE TAKEN RS 10 LAC BEING ADVANCE AGAINST PURCHASE OF PROPERTY FOR PVT LTD THE INCOME TAX OFFICER IS TREATING THE SAME AS DEEMED DIVIDEND U/S 2(22)OF IT ACT EVEN THOUGH LEDGER EXTRACT FROM THE PVT LTD CO IS SUBMITTED STATING THE PURPOSE OF PAYMENT MADE TO HIM . WHETHER INCOME TAX OFFICER IS CORRECT OR NOT PL EXPLAIN BRIEFLY
Naresh Dharia F.C.A.
(Expert)
07 February 2014
As per section 2(22)(e)....it is covered...
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