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Loan to partnership firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 September 2011 my client, a Private Ltd Co. wants to give a loan of Rs. 1 Crore to a partnership firm
The Directors of the Company are also partners in the said partnership firm
Pl inform whether any breach of Income Tax Law?
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CA. SHIVA SHANKARA R. SHETTY

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CA. SHIVA SHANKARA R. SHETTY (Expert)
09 September 2011 No breach of Income Tax law. But, i think Sec. 2(22)(e) applies

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