Applicability of SEction 295 (1) all sub clauses
ABC Ltd. having subsidiaries pvt. ltd. companies (4) in no. Subsidiaries wishes to purchase land but do not have enough money so ABC approaches bank and got the loan which in turn lended to all 4 wholly owned susidiaries who shall provide such property as security for repayment by hodling company.
Does SEction 295 (1) (d)/ (e) applies?
Does Sexction 372A with respect to security applies.
Dear ashish are you talking about section 293 because section 295 relates for Loans to directors.
Yes in this case the provisions of section 372A would become applicable.
Can any1 tell its implications in Direct taxes & Presentations in Revised Schedule VI ?????
Dear Mr Gupta,
As said by Mr. Karandikar, this case would be of sec. 293 and the provisions of sec. 372 A would be applicable.
Regards,
Aditya
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