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Section 2(22)(e)

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(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
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
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.
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Abhay Gujarathi

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Abhay Gujarathi (Expert)
22 October 2010 Agree with Sahilesh
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