Section 2(22)(e)
This query is : Resolved
Sunil Kr. Sanganeria
(Querist)
20 October 2010
A Private Limited Company has given loan on 05.10.2010 at Interest to an individual who is also shareholder of the Company. The individual has more than 12% shares in the Company till 01.10.2010. On 04.10.2010 ,Company issued further shares and the shareholding of the Individual reduced to less than 10%.
Would section 2(22)(e) of the Income Tax Act get attracted. If yes, cite any case law. if any
Would section 2(22)(e) of the Income Tax Act get attracted. If yes, cite any case law. if any
20 October 2010
If the shareholder is holding share above 10% during any time of the previous year , section 2(22)(e) will be applicable for dividend income.
Abhay Gujarathi
(Expert)
22 October 2010
Agree with Sahilesh
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