Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai

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What the provisions of sec. 2(22)(e) exempts • Any advance or loan made by a company to a shareholder or a concern in which the shareholder has a substantial interest would not be regarded as a dividend if the two conditions are satisfied, namely (i) that the loan or advance was made by the (lending) company in the ordinary course of its business and (ii) lending of money was a substantial part of the business of the (lending) company. August, 2011 CA Sanjeev Lalan, Singrodia Goyal & Co. Presentation at JB Nagar CPE Study Circle 8
Facts & background in reference to Provisions • Clause(i) of sec 2(22) was satisfied as AMPL was also engaged in the business of lending money & • The business of assessee was complimentary with the business to the business of AMPL & the money was lent in the usual course of business. • As regards the second condition, on facts, as about 40% of the total assets of AMPL were deployed by way of loans and advances, and its interest income was substantial compared to the total income, lending of money was a “substantial part of its business” and the money given by it by way of loan / advance was excluded from the definition of “dividend” under s. 2(22)(ii). August, 2011 CA Sanjeev Lalan, Singrodia Goyal & Co. Presentation at JB Nagar CPE Study Circle 9
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Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai

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