https://www.taxtmi.com/caselaws?id=29243 The Court ruled in favor of the assessee, determining that the 330 equity shares of WIMCO registered in the names of the nominees of the assessee-company could be considered as 'held' by the assessee-company within the meaning of Explanation II of Para. D of Part II of the First Schedule to the Finance Act, 1963. The Court emphasized that the nominees were merely ostensible owners, and the assessee was the beneficial owner, aligning with a broader interpretation to avoid inconsistencies between the Companies Act and the Income Tax Act. The Commissioner was directed to pay the costs of the reference to the assessee. en-us Mon, 21 Sep 1981 00:00:00 +0530 Thu, 11 Mar 2010 15:57:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29243 The Court ruled in favor of the assessee, determining that the 330 equity shares of WIMCO registered in the names of the nominees of the assessee-company could be considered as 'held' by the assessee-company within the meaning of Explanation II of Para. D of Part II of the First Schedule to the Finance Act, 1963. The Court emphasized that the nominees were merely ostensible owners, and the assessee was the beneficial owner, aligning with a broader interpretation to avoid inconsistencies between the Companies Act and the Income Tax Act. The Commissioner was directed to pay the costs of the reference to the assessee. Case-Laws Income Tax Mon, 21 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29243