https://www.taxtmi.com/caselaws?id=354423 The SC held that Section 2(22)(e) of the Income Tax Act, 1961 (as amended in 1988) regarding deemed dividend applies when a loan is made to a shareholder who is a beneficial owner of shares holding not less than 10% voting power, regardless of whether they are a registered shareholder. The Court found that requiring both registered ownership and beneficial ownership would be mutually contradictory and incorrect. The amendment's purpose would be defeated if the beneficial owner must also be a registered member. The SC determined that the Delhi HC's decision in Ankitech case was wrongly decided and referred the matter to a three-judge bench for reconsideration of the entire question. en-us Thu, 18 Jan 2018 00:00:00 +0530 Sat, 04 Jul 2026 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354423 The SC held that Section 2(22)(e) of the Income Tax Act, 1961 (as amended in 1988) regarding deemed dividend applies when a loan is made to a shareholder who is a beneficial owner of shares holding not less than 10% voting power, regardless of whether they are a registered shareholder. The Court found that requiring both registered ownership and beneficial ownership would be mutually contradictory and incorrect. The amendment's purpose would be defeated if the beneficial owner must also be a registered member. The SC determined that the Delhi HC's decision in Ankitech case was wrongly decided and referred the matter to a three-judge bench for reconsideration of the entire question. Case-Laws Income Tax Thu, 18 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354423