purchase of property in the name of company

Assistant Company Secretary

Director purchased a property in the name of the Company few years back now the  after been the property sold the purchased consideration has been given in the name of the company, now the Director wants the  purchase consideration that the Company had received by way of sale of the property. How can the Director get it the same.. 


The Director cannot. I am sure the durector must be having a controlling stake in the company to make such things happen. Remind him - DEEMED DIVIDEND U/s 2(22)(e) OF THE INCOME TAX ACT, 1961. 




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