Whether instructions issued in 1966 to bar person responsible for paying interest from taking cognizance of tax exemption or abatement certificate issued by ITO in favour of beneficial owner of securities held by banking companies, etc., on behalf of their constituents

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....tion 193 - Interest on securities Whether instructions issued in 1966 to bar person responsible for paying interest from taking cognizance of tax exemption or abatement certificate issued by ITO in favour of beneficial owner of securities held by banking companies, etc., on behalf of their constituents 1. In Boards Circular No. 2-P(XXXIV-4) of 1966, dated 16-5-1966, instructions were is....

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.... section 199 would include a beneficial owner as well. Thus, a person who holds securities not in his own name but in the name of a collecting bank is entitled to apply for the grant of an abatement or exemption certificate under section 197(1). If the Income-tax Officer is satisfied, inter alia, on the basis of the application and other evidence adduced before him, that the applicant is the benef....