Section 297
This query is : Open
18 May 2010
Dear Friends
A Private Company having a paid up Capital of more than Rs. 1 Crore has entered into a Lease Agreement with one of its Group Company (also a Pvt. Ltd. Company) in which the Directors of the Company are interested and is paying a rent of Rs. 40000/- p.m.
Is this transaction covered u/s 297 and if yes, then CG approval will also be required as the paid up capital of the Company exceeds Rs. 1 crore.
please support your answer with ref. to any notification/ circular/ case laws comes in this regard
Plz. advise.
Thanks & Regards
A Private Company having a paid up Capital of more than Rs. 1 Crore has entered into a Lease Agreement with one of its Group Company (also a Pvt. Ltd. Company) in which the Directors of the Company are interested and is paying a rent of Rs. 40000/- p.m.
Is this transaction covered u/s 297 and if yes, then CG approval will also be required as the paid up capital of the Company exceeds Rs. 1 crore.
please support your answer with ref. to any notification/ circular/ case laws comes in this regard
Plz. advise.
Thanks & Regards
19 May 2010
In case of lease of immovable property Section 297 is not applicable as 297 is applicable for dealing in goods and services only & not immovable property.
For ref. you can refer to Sec 297 Commentary of any book.
For ref. you can refer to Sec 297 Commentary of any book.
19 May 2010
if the company in the business of renting immovable property then also sec 297 not attracted plz clarify
22 May 2010
PLease respond
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Defective Return - Tds on advance
- Fixed Deposit Claim Relinquishment by the Nominee
- Not a CA , can we prepare balance sheet
- Income Type for interest from government bonds
- TCS ON SOFTWARE SALES
- Is income taxable or receivable or received in case of LLP and company
- Is receivable or recoverable same thing
- Bifurcation of prepaid expenses
- TDS - Form 26QB - Installment - Final payment Query
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
