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Sec 2(22)e - Deemed Dividend

This query is : Resolved 
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(Querist)
04 November 2008 Mr. A is a shareholder in X Ltd having a 7% shareholding.
B Co. is also a shareholder in X Ltd. to the extent of 30%. Mr A is a 50% shareholder in B Co.
X Ltd. advanced loans to Mr. A. Does this loan amount to deemed dividend u/sec 2(22)e
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Sapna

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Sapna (Querist)
04 November 2008
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
04 November 2008 yes,because Mr A has beneficial ownership in shares and have 22% voting power in X Ltd.
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