Beneficial interest in shares: declaration duties attach where legal and beneficial title are separated, not to mere joint ownership. The circular clarifies that section 187C's declaration rules apply where there is a separation of legal and beneficial title: registered joint holders and public charitable trust trustees without distinctive individual beneficial interests are outside the rules; guardians holding in own name, partners holding for absent partners, holders of bank named shares for others, and shares outside the HUF estate held for another attract the rules; completed transfers under section 108 are the operative trigger, while stock exchange dealings without executed transfer deeds and official or clearly identified executor/administrator entries are excluded.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Beneficial interest in shares: declaration duties attach where legal and beneficial title are separated, not to mere joint ownership.
The circular clarifies that section 187C's declaration rules apply where there is a separation of legal and beneficial title: registered joint holders and public charitable trust trustees without distinctive individual beneficial interests are outside the rules; guardians holding in own name, partners holding for absent partners, holders of bank named shares for others, and shares outside the HUF estate held for another attract the rules; completed transfers under section 108 are the operative trigger, while stock exchange dealings without executed transfer deeds and official or clearly identified executor/administrator entries are excluded.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
