No deemed dividend if interest was duly paid on loan taken from group company

INCOME TAX: Where loan taken by assessee company from a group concern was regarded as deemed devidend because one 'S' was a common shareholder in assessee as well as lender company and he had substantial shareholding in both companies, in view of fact that assessee had paid interest on loan taken from group companies and, thus, said transactions being beneficial to those companies, amount in question could not be regarded as deemed dividend

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