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                     The Select Committee has done a very good job,
studied the matter thoroughly and improved the Bill so that
it/ has become more presentable. The Picture that has now
emerged is clearer than it was at an earlier stage. However,
/ I would like to offer my comments on three or four clauses.
clause 2 is very important. I would refer / to two items
under, that Clause. In Caluse2(a), an inclusive definition of
the word ‘divided’ has been given. This / is a definite
improvement. Therefore, the matter would be dealt with in
a more judicious, and better way than hitherto. (100)
However, this subject is such a difficult one that it is not so
easy to make any definition a perfect/ one. From this angle,
there is a lacuna even in this definition which is no doubt a
very good improvement/ upon the earlier definition.
In sub-Clause(e) of this Clause, any payment of any
sum by way of advance/ or loan to a shareholder or any
payment on behalf of, or for the individual benefit of any
such / holder is deemed to be included in the word divided.
The language of this sub-Clause is not very appy. (200) Cases
have arisen where the Department has assessed a
shareholder, who is partner of a firm, and where the / firm
acts as a financier to such company. Where, at any time
during the course of the previous year in / a current mutual
account between the company and the firm credit appears
an favour of the company, even / though the account may
subsequently turn into a debit against the company, that is,
the amount is wiped out by / payment of such credit as the
company has in the same account taken loan subsequently,
the Income Tax Officer has treated (300) the credit as
distribution of dividend to the shareholder who is a partner
in the firm. I think in this / case the definition works very
excessively and harshly. This cannot be the intention of this
sub-Clause. Unless an amount by / way of advance or loan
remains outstanding at the end of the year and particularly
on the date the company /distributes dividend, such
temporary advances of loan could not be deemed to be the
distribution of the dividend to a / shareholder. One has to
make this type of financial arrangements when one is in
charge of the affairs of a (400) company.
Further, if the advance or loan is to a firm an
Association of persons of a Hindu Undivided family, / and on