Tax Audit
This query is : Resolved
CA Ysil Karunai
(Querist)
22 June 2010
Dear Sir,
In a Private Ltd company, the Managing Director who is also a shareholder, taking money from company and deposit. The company classifies, the M.D A/c under the unsecured loans. Assume all transaction such as deposit and withdrawal by M.D is cash in excess of Rs. 20,000/-
Query:
1. Whether 269SS & 269T will hit for this deposit & withdrawal?
2. Whether it is in the nature of Deemed Dividend u/s 2(22)e?
3. The company taken money from M.D (Deposit) in excess of cash Rs. 20,000 can be construed as amount borrowed on hundi u/s 69D?
In a Private Ltd company, the Managing Director who is also a shareholder, taking money from company and deposit. The company classifies, the M.D A/c under the unsecured loans. Assume all transaction such as deposit and withdrawal by M.D is cash in excess of Rs. 20,000/-
Query:
1. Whether 269SS & 269T will hit for this deposit & withdrawal?
2. Whether it is in the nature of Deemed Dividend u/s 2(22)e?
3. The company taken money from M.D (Deposit) in excess of cash Rs. 20,000 can be construed as amount borrowed on hundi u/s 69D?
mohinder kansal
(Expert)
22 June 2010
SECTION 269SS AND 269T SHALL BE APPLICABLE. SECTION 2(22)e WILL ALSO BE APPLICABLE IS THERE IS ADVACNE PAID
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