25 July 2010
One of my client which is a PVT LTD company gave a loan to a partnership firm. MR X, MR Y EACH hold 9% shares in the company and simultaneously EACH of them have 12% profit share in the firm.
I want to know whether 2(22)e is
1)Applicable in this situation or not?
2)2(22)e is a test to be made on MR X and MR Y separately?
3)Is it applicable for aggegate shareholdings also?
CAclubindia
