Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Section 2(22)(e) cannot be invoked in relation to trade business or other commercial advances paid to shareholders

Section 2(22)(e) cannot be invoked in relation to trade, business or other commercial advances paid to shareholders - Income Tax - By: - CA DEV KUMAR KOTHARI - Dated:- 17-2-2017 - Relevant provisions: Section 2 (22) ( e) Some of relevant judgments: COMMISSIONER OF INCOME TAX-I Versus AMRIK SINGH PROP M/s NEXO PRODUCTS INDIA 2015 (8) TMI 1262 - SUPREME COURT COMMISSIONER OF INCOME TAX Versus M/s CREATIVE DYEING & PRINTING PVT. LTD. - 2009 (9) TMI 43 - DELHI HIGH COURT COMMISSIONER OF INCOME T .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

oney which he require in execution of contract. Even advances to employees are made against remuneration payable to employee or agents. An advance can be made for a particular purpose and another advance can be made to the same payee for another purpose. For example : a. an employer can extend advance to his employee for meeting some exigencies, another advance can be made against his dues in near future against his retirement benefits. b. An advance can be made for purchase of properties from p .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

be a director or shareholder of payer company. The advance so made is not an advance made to director or shareholder but the advance so made is for specific purpose and against commercial obligations undertaken by the payee. Deeming provisions of S. 2(22) ( e ) cannot be applied to such advances: A commercial advance is not a loan or advance to shareholder or in capacity of shareholder. The advance is given in capacity of vendor, supplier, contractor, professional, agent or an employee. Therefo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version