737/CBDT.

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....red: 2(22)(e) Statute: Income - Tax Act, 1961 Under Section 2(22)(e) of the IT Act, 1961, any loan or advance made by a closely held company to a shareholder who has a substantial interest in th....

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....of the failure of the ITO assessing the company to intimate to the ITOs assessing the shareholders the details of such loans. It is the duty of the ITOs assessing companies to scrutinize whether loans....