Sec 2(22) e
This query is : Resolved
23 January 2014
under sec 2(22)e what type of loans & advance to director consider as deemed divided ? plz rly as earilest as possible
23 January 2014
see as such 2(22)(e) doesnt apply to directors..it applies to shareholders (which may or may not include directors)
where the director is also a shareholder holding more than 10% of the shares, "any loan or advance shall be deemed dividend" except for where any advance or loan made to a shareholder or the said by a company in the ordinary course of its business, where the lending of money is a substantial part of the business of the company.
where the director is also a shareholder holding more than 10% of the shares, "any loan or advance shall be deemed dividend" except for where any advance or loan made to a shareholder or the said by a company in the ordinary course of its business, where the lending of money is a substantial part of the business of the company.
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