Loan given by money lending co. to its director couldn't be treated as deemed dividend

INCOME TAX : Where assessee was holding more than 10 per cent of shares in two companies and he obtained loan and advances from said companies on interest and Assessing Officer treated amount of loan and advances to be deemed dividend and added same to income of assessee, since both companies were having money lending as substantial part of their business, no addition could be made by way of deemed dividend in income of assessee

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