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section 2(22)e deemed dividend

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nitesh (Querist)
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26 December 2008 in section 2(22)e there is law that if company give loan & advance to any concern, is income of the company. but in exception if concern company is lend money as ordinary course of business and substantial part of business is lending then not amount not treated as income. tell me about what is 'substantial part of business' and what is requirement under non banking finance company....

Taxguy (Expert)
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26 December 2008 The percentage of holding that is fixed in the provision determines the substatial part of business.

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