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[Section 2(22)] [Section 2] [Complete Act]
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Central Government Act
Section 2(22)(e) in The Income- Tax Act, 1995
(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) 5 made after the 31st day of May, 1987 , by way of 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 whether with or without a right to participate in profits) holding not less than ten per cent of the voting power, or to any concern, in which such shareholder is a member or a partner and in which he has a substantial interest (hereafter in this clause referred to as
1. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w. e. f. 1- 4- 1988. Prior to the substitution, clause (21) read as under: (21)' Director of Inspection' means a person appointed to be a Director of Inspection under sub- section (1) of section 117, and includes a person appointed to be an Additional Director of Inspection, a Deputy Director of Inspection or an Assistant Director of Inspection;'
3. Inserted by the Finance Act, 1994, w. e. f. 1- 6- 1994.
5. Substituted for' by way of advance or loan to a shareholder, being a person who has a substantial interest in the company,' by the Finance Act, 1987, w. e. f. 1- 4- 1988.
the said concern)] or any payment by any such company on behalf, or for- the individual benefit, of any such shareholder, to the extent to which the company in either case possesses accumulated profits; but" dividend" does not include--
(i) a distribution made in accordance with sub- clause (c) or sub- clause (d) in respect of any share issued for full cash consideration, where the holder of the share is not entitled in the event of liquidation to participate in the surplus assets;