Section applicable
This query is : Resolved
02 February 2012
I would like to konw which section in IT & Comapnies Act would be applicable for taking and giving unsecured loans by limited company to pvt ltd co.
Thnkx in advance.
Thnkx in advance.
02 February 2012
Section 372A of the Companies Act, 1956 deals with intercorporate Loan, Investment, Guarantee and Securities in connection with loan
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03 February 2012
Bt Sir, Sec. 372A of Companies Act covers only giving of loans to intercorporate.it doesnt covers taking of loans.
03 February 2012
A public and private limited company can take loan from other company and body corporate and the same would be covered under section 372A as an inter corporate loan
04 February 2012
Pls also read section 2(22)(e) of the Income tax Act, 1961
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