Sec 2(22)(e)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 June 2011
If a director has given loan to the company in the beginning of the year & there are numerous transactions of giving & taking loan which results into debit balance of a director for some days would this debit balance be attracted by the provisions of Sec 2(22)(e) if the company is a closely held company & director is holding substantial interest
Sunil Kr. Sanganeria
(Expert)
03 June 2011
Any amount given to a person who has subtantial interest in the Company even for a day would attract 2(22)(e) of the IT ACt
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