Without consideration amount paid
This query is : Resolved
Rajkumar Gutti
(Querist)
22 June 2018
WITHOUT CONSIDERATION ONE COMPANY PAID AN AMOUNT TO
ANOTHER SISTER COMPANY.
IS CONTRAVENTION OF INCOME TAX LAW
IF YES , WHICH SECTION.
PL. THIS MATTER IS MOST URGENT
ANOTHER SISTER COMPANY.
IS CONTRAVENTION OF INCOME TAX LAW
IF YES , WHICH SECTION.
PL. THIS MATTER IS MOST URGENT
Nikhil Kaushik
(Expert)
22 June 2018
if it is without consideration, it needs to be classified as a loan. as long as the transaction is done at arm's length and properly accounted for, you wont face any issue.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Visiting card purchase
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Additional trade name
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
