Question ID :
41124
Form 10B
SIr, a Trust has provided Interest carrying Unsecured loan to a Company, where the Trustee is having the substantial interest. The said loan is not in the form of investment of Shares.
Sir, the same is being reported n the Form10b, Part II (a), but is the same is also to be shown in Part III, as in this, one of the column reads as "Where the concern is a Company, no. and class of shares held", and there is no such shares being acquired. Kindly guide.
Posted by
CA Gaurav Shah
on
Aug 24, 2021
Filed Under
AUDIT
Disclosure in part II (a) alone will suffice because when money is lent on an agreed upon interst, the tansaction is lending and not investment.
Posted by
B.CHACKRAPANI WARRIER on
Aug 25, 2021
Answer ID :
81250
No. It is not needed to show it in part III.
Posted by
CA. chunauti dholakia on
Aug 25, 2021