Shareholder loan definition clarified: loans to beneficial owners and related concerns now fall within taxable provisions. Amendments to section 2 revise definitions and scope: advances or loans to beneficial owners holding not less than ten percent voting power and to concerns where a shareholder has substantial interest are captured; 'concern' and substantial interest (twenty percent income entitlement) are defined; employee contributions to provident and welfare funds are excluded from assessee receipts; definitions of long-term and short-term capital assets/gains and of public sector company are inserted; share holding period threshold is reduced; and 'transfer' is expanded to include part performance and transactions enabling enjoyment of immovable property.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Shareholder loan definition clarified: loans to beneficial owners and related concerns now fall within taxable provisions.
Amendments to section 2 revise definitions and scope: advances or loans to beneficial owners holding not less than ten percent voting power and to concerns where a shareholder has substantial interest are captured; "concern" and substantial interest (twenty percent income entitlement) are defined; employee contributions to provident and welfare funds are excluded from assessee receipts; definitions of long-term and short-term capital assets/gains and of public sector company are inserted; share holding period threshold is reduced; and "transfer" is expanded to include part performance and transactions enabling enjoyment of immovable property.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
