Sec 2(22)(e) deemed dividend
This query is : Resolved
24 November 2012
xltd has given loan and advance of Rs. 20 lacs to miss. puspha who is shareholder with 15% holding in F.Y. 2009-10. x ltd having reserve and surplus of Rs. 96 lacs as on 31st march, 2010. now my querry is what is affect of same on both assessee i.e 1) on x ltd 2) miss Puspha.
two different condition:
1) if miss. puspha repaid loan amount in same year.
2) if miss. puspha repaid loan amount in next F.Y.
please reply.
thanks in advance.
two different condition:
1) if miss. puspha repaid loan amount in same year.
2) if miss. puspha repaid loan amount in next F.Y.
please reply.
thanks in advance.
24 November 2012
Can't escape from the clutches of section 2 (22(e) even if loan is squared up in same or subsequent year.
Supreme court decision is Ms.P. Sarada's case reported in (1998) 96 Taxman 11 may be referred.
Supreme court decision is Ms.P. Sarada's case reported in (1998) 96 Taxman 11 may be referred.
26 November 2012
thank you sir.
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