The Company has advanced loan to a LLP wherein the relative of its director is a Partner. Is this allowed under Companies Act? Further, is it taxable under any provision of Income Tax?
2 Replies
CA. Rohan Somani
(Chartered Accountant)
(94 Points)
Replied 22 January 2020
If the Loan is Genuine in Nature then there is not tax liability in Income tax.
Reference section 2(22)(e)
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