Dear friends, please suggest:
Whether loan/advance given by subsidiary to parent company & expenses incurred by subsidiary in behalf of parent company amounts to deemed dividend u/s 2 (22)(e)????
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deemed dividend
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As per section2(22)e any amount paid by a company in which public are substantially interested to a person having beneficial ownership of at least 10%in equity will be deemed to be a dividend to the extent of his right in accumulated profit .thus person includes company here subsidiary company.as in subsidiary parent company holds 50%.it is deemed dividend
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