Deemed dividend - where huf is a partner in the firm
This query is : Resolved
16 April 2012
Hello,
Assume there is a pvt ltd company XYZ with Directors X, Y, Z (each holding 33% shares) and this company gives a loan\advance to a Firm ABC in which 'X'(huf) is a partner.
Does this situaltion attract Deemed dividend?
Assume there is a pvt ltd company XYZ with Directors X, Y, Z (each holding 33% shares) and this company gives a loan\advance to a Firm ABC in which 'X'(huf) is a partner.
Does this situaltion attract Deemed dividend?
16 April 2012
Sec 2(22)(e) could be attracted if the director holds more than 20% in the firm.
16 April 2012
NO IN THIS CASE THE CONCERN TO WHOM LOAN IS GIVEN IS NOT BENEFICIALLY OWNED BY X
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
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