Libra P. Ltd. engaged in trading activity had accumulated profits of ₹ 15,00,000 as on 1-4-2016, Mr. Gautam having 30% of the equity shares and voting rights in the company received ₹ 5 lakhs as loan on 1-6-2016 from the
CS Executive · Tax Laws and Practice · PYQS · June 2017
Libra P. Ltd. engaged in trading activity had accumulated profits of ₹ 15,00,000 as on 1-4-2016, Mr. Gautam having 30% of the equity shares and voting rights in the company received ₹ 5 lakhs as loan on 1-6-2016 from the company. The loan was repaid by him on 30-11-2016. The amount liable to tax in the hands of Mr. Gautam as deemed dividend is:
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax
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