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2012 (4) TMI 249 - DELHI HIGH COURTDeemed Dividend – interest free loan and advances made to sole proprietorship of assessee (shareholder) having 20.6% shareholding the company – assessee contended that advance or loan are provided in normal course of business – Held that:- It is observed that interest free loans are provided which cannot be said to be made in ordinary course of money lending business. Further, documents show that company was doing the business of import and export and it was a recognized export house. Order of Tribunal is upheld in attracting provisions of clause (ii) of section 2(22)(e) – Decided against the assessee.
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