https://www.taxtmi.com/caselaws?id=8340 Section 2(6C)(iii) of the Income-tax Act, 1922 applied to assessment year 1955-56 even though the relevant previous year ended before 1 April 1955, because income-tax amendments operate by reference to the assessment year for which they are made effective. The phrase "concerned in the management of the business of the company" was construed broadly to include de facto control, not merely formal office or ostensible management. As the assessee held beneficial ownership of more than 20 per cent of the voting power and controlled Bharat Union Agencies P. Ltd., the benefit received from the company fell within the provision and was taxable. The reference was answered in favour of the Revenue. en-us Mon, 12 Jul 1971 00:00:00 +0530 Fri, 10 Apr 2009 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8340 Section 2(6C)(iii) of the Income-tax Act, 1922 applied to assessment year 1955-56 even though the relevant previous year ended before 1 April 1955, because income-tax amendments operate by reference to the assessment year for which they are made effective. The phrase "concerned in the management of the business of the company" was construed broadly to include de facto control, not merely formal office or ostensible management. As the assessee held beneficial ownership of more than 20 per cent of the voting power and controlled Bharat Union Agencies P. Ltd., the benefit received from the company fell within the provision and was taxable. The reference was answered in favour of the Revenue. Case-Laws Income Tax Mon, 12 Jul 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8340