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Dr. Vinok K. Singhania on the Income-tax Act, 1961
  • Borrowing from subsidiary Company considered as Deemed Dividend

    by Rahul on Wednesday, August 24, 2016 at 04:55 PM

    Company A and Company B are wholly owned subsidiaries of Company C. Company A & Company B both are Indian Companies. Company C is registered out of India, though it has PAN in India. Company A has surplus cash available whereas Company B is short of fund for working capital. Company B proposes to borrow fund from Company A for its working capital needs. Ques: If Co. A lends money to Co. B, whether it would tantamount to "deemed dividend" u/s 2 (22)(e).

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