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Q. > Please Help: Regarding sec.2(22)(e) Deemed dividend
My client is limited unlisted compnay and they are purchasing foriegn currency for directors travelling. Directors are used to expend that money in foreign country and submitting the balance amount to company with expense bills. Company is first debiting all the expense in Directors foreign travelling and then crediting the balance money received from directors.
Now my question is that whether this situation will be covered under section 2(22)(e) Deemed dividend... Pls reply as early as possible
answered Jun 16, 2012 by saurabh goyal , chandigarh
In my openion if travelling is for official perpose there is no matter of deemed dividend and net foreign travelling expenses shall be debited to profit and loss statement.
answered Jun 28, 2012 by Vikash Kumar Jha , Cuttack
If the company have proved that expenses had incurred for foregn tour which have for purpose business not for director personnel purpose
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