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Deemed dividend u/s 2(22)

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 June 2013 Whether advance paid towards purchase of Fixed asset to an associate company will result in deemed dividend u/s 2(22) of I.T act.
Here the company which giving advance has accumulated profits and holding more than 10% of shares in the other associate company.
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Rupesh Jain

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Rupesh Jain (Expert)
21 June 2013 it is possible when company giving amount to share holder and not transaction in current year and next year without any purhcases entry, only make payment.
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CA Kapil Verma

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CA Kapil Verma (Expert)
21 June 2013 yes, it will applicable if the person have substantial interest in you company or associated companies.
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