https://www.taxtmi.com/caselaws?id=49481 For section 23A, deemed dividend was taxable only in the hands of the registered shareholder, because the statute used the term "shareholder" and not beneficial owner. A Hindu undivided family, even if beneficial owner of shares standing in the names of individual members, was not itself a shareholder or member of the company. The legal fiction in the provision could not be extended beyond its plain terms, so the deemed dividend could not be assessed in the hands of the Hindu undivided family and remained assessable only against the registered shareholders. en-us Tue, 18 Jul 1961 00:00:00 +0530 Tue, 07 Jun 2016 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49481 For section 23A, deemed dividend was taxable only in the hands of the registered shareholder, because the statute used the term "shareholder" and not beneficial owner. A Hindu undivided family, even if beneficial owner of shares standing in the names of individual members, was not itself a shareholder or member of the company. The legal fiction in the provision could not be extended beyond its plain terms, so the deemed dividend could not be assessed in the hands of the Hindu undivided family and remained assessable only against the registered shareholders. Case-Laws Income Tax Tue, 18 Jul 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49481