Section 2(22)(e) deemed dividend.

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CA GAUTAM JAIN (Querist)
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23 February 2013 A company has a given a loan of rs 1,00,000 to a shareholder and his share of interest in company giving loan is 30%. The accumulated profits of the company amounted to Rs 60000.
What will be the taxable amount under section 2 (22)(e), Whole of rs 60,000 or 30% of Rs 60,000?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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23 February 2013 Here, loan given by the company exceeds the accumulated profits.

thus, entire accumulated profits are to be taken into account under section 2(22)(e).

30% of Rs. 60,000 should not be regarded as deemed dividend under section 2(22) (e).

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Section 2(22)(e) deemed dividend.

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