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1994 (3) TMI 48 - KARNATAKA HIGH COURT
Extract:
.......director is to be regarded as the income of the director. We respectfully concur with the aforesaid view of the Bombay High Court. As a result of the aforesaid discussion, question No. 2 will have to be answered in the affirmative, in favour of the assessee and against the Revenue. The reference is disposed of accordingly with no order as to costs.