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DEEMED DIVIDEND

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(Querist)
15 February 2011 ABC IS A FIRM CONVERTED INTO COMPANY. IN FIRMS ACCOUNTS THERE ARE LOANS OUTSTANDING FROM THE SHAREHOLDERS. AFTER CONVERSION INTO COMPANY WHETHER DEEMED DIVIDEND WOULD APPLY?
PLEASE REPLY .
ITS URGENT
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
15 February 2011 Yes the Deemed Divided Sec 2(22)(e) will be attracted.

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