Hi,
A company "A" is having accumulated losses of Rs.10.00 Crores on 31.03.2010. It's 100% shares are hold by "B". On 01.12.10 "C" purchsed 100% shares from "B". During the financial year the company earnes a profit of 2.00 crores.
On 15.12.10 the company advances Rs.5.00 crores to "C". Will this 5.00 crores amount to deeemed dividend under income tax act.
Regards,
Rashi Goyal
CAclubindia
