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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

Answer ID : 81246

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