Sec 64(viii)
This query is : Resolved
05 June 2012
In an individual gives loan to a company in which he has a substantial interest & the companyinvests the same & earns interest on that money. Will the interest earned by the company be added to the income of the individual.
Amol S Joglekar
(Expert)
05 June 2012
If the loan is for "otherwise than for adequate consideration", then sec 64 per se is invoked. It will be very unfortunate to assume that there is a direct NEXUS between the 2 transactions you mentioned.
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