https://www.taxtmi.com/caselaws?id=7206 Section 23A of the Indian Income-tax Act applied only to the registered shareholder, because the deemed dividend arose from a statutory fiction attaching to that legal status. The earlier Supreme Court authority on section 23A was treated as controlling, and a later decision under different provisions did not alter that principle. On the facts, the shares formerly held by a dissolved firm had passed to a private limited company, not to the assessee, so there was no basis to assess him as the real owner. The deemed dividend could not therefore be included in the assessee's income. en-us Thu, 06 Jul 1967 00:00:00 +0530 Thu, 12 Feb 2009 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7206 Section 23A of the Indian Income-tax Act applied only to the registered shareholder, because the deemed dividend arose from a statutory fiction attaching to that legal status. The earlier Supreme Court authority on section 23A was treated as controlling, and a later decision under different provisions did not alter that principle. On the facts, the shares formerly held by a dissolved firm had passed to a private limited company, not to the assessee, so there was no basis to assess him as the real owner. The deemed dividend could not therefore be included in the assessee's income. Case-Laws Income Tax Thu, 06 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7206