https://www.taxtmi.com/caselaws?id=49481 The Supreme Court upheld the High Court's decision regarding the interpretation of section 23A of the Indian Income-tax Act, 1922. The court ruled that the notional income deemed to be distributed under section 23A should be included in the income of registered shareholders, not Hindu undivided families, as they are not considered registered shareholders. The court emphasized that the term "shareholder" in the section should be interpreted strictly to refer only to registered shareholders, rejecting arguments that beneficial owners like Hindu undivided families should be included. The appeals were dismissed, affirming that the legal fiction in section 23A applies solely to registered shareholders for tax assessment purposes. 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 The Supreme Court upheld the High Court's decision regarding the interpretation of section 23A of the Indian Income-tax Act, 1922. The court ruled that the notional income deemed to be distributed under section 23A should be included in the income of registered shareholders, not Hindu undivided families, as they are not considered registered shareholders. The court emphasized that the term "shareholder" in the section should be interpreted strictly to refer only to registered shareholders, rejecting arguments that beneficial owners like Hindu undivided families should be included. The appeals were dismissed, affirming that the legal fiction in section 23A applies solely to registered shareholders for tax assessment purposes. Case-Laws Income Tax Tue, 18 Jul 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49481