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[Cites 0, Cited by 0] [Section 2(40)] [Section 2] [Entire Act]

Union of India - Subsection

Section 2(40)(e) in The Income Tax Act, 2025

(e)any payment by a company, not being a company in which the public are substantially interested, of any sum (whether as representing a part of the assets of the company or otherwise),––
(i)as an advance or loan to a shareholder, being a person who is the beneficial owner of shares (not being shares entitled to a fixed rate of dividend, with or without a right to participate in profits) holding not less than 10% of the voting power; or
(ii)as an advance or loan to any concern in which such shareholder is a member or a partner and in which he has a substantial interest (herein referred to as the said concern); or
(iii)made on behalf, or for the individual benefit, of any such shareholder, to the extent to which the company in either case possesses accumulated profits;