CMA Vamshi Raghavendra (Student) (192 Points)
27 March 2012Can i get accurate explanation for
SUBSTATIAL INTEREST
Is it differs in Situations for eg. Sec 2(22)(e) & Sec.64 Clubbing
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 28 March 2012
Mr.Vamshi Raghvendra
The reference in Section 2(22)(e) is to Section 2(18) - A company in which public are substantial interested.
The reference in Section 64 is to Section 40A(2)(b) Explanation 'Substantial Interest'.
Hence both are different.
As you are a CA Final Student I need not explain the difference section-wise.
Best Wishes
Sathikonda
CAclubindia
