20 March 2010
Dear All plz let me know that loan, adv. etc... given to associate (sister) companies, attract to s.370? Is it compoulsory to do complces under sec.370? If it is repld/ omitted plz give me ref. if any.
21 March 2010
Sec. 370 is not in existence any more. It is sec 372A. Loans to associate/sister companies attact 372A. However, it is a loan to wholly owned subsdiary, then it is exempt.
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