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2007 (7) TMI 249 - HC - Income TaxAssessee, director of company - in view of the decision of the apex court in the case of CIT v. G. Narasimhan, held that loan by company from accumulated balances to a director, is assessable as deemed dividend u/s 2(22)(e) - non-disclosure of the amount of loan/advances by the respondent - material facts necessary for assessment not disclosed fully and truly - action of the Assessing Officer in initiating reassessment proceedings under section 147(a) is justified
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