Income tax & company's act

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 March 2014 Sirs,

If a Pvt Ltd CO borrows from Bank and want to share the fund so borrowed with its sister concern, which is Partnership firm where both the partners are Directors in the Pvt Ltd Co,
Is it permitted by Income Tax & Company's Act ? If not so what are the consequences and what is the alternative ?

Thanks in Advance.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
14 March 2014 companies act restricts the same under section 185 (new act). income tax act - check for applicability of deemed dividend.
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