Sec.2 (22)e of it act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 August 2012
Is this section apply to a Private company if a amt. of Rs. 25000/- given by company to director's nephew.
17 August 2012
It does apply to PRIVATE companies. But it will not apply to nephew case.
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17 August 2012
hi.. section 2 (22) (e) has no relation with director, it is connected with the shareholder, therefore at first if ur director happens to be holding more than 10% shares of the company, the trasaction will attract the provision of this section. Although the same is not applicable for transaction with relatives of Shareholder, however if the transaction has taken place to give benefit to shareholder i.e. ur director in this case, the transaction will fall under the scope of the section.
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