Supreme Court of India
National Travel Services v. Commissioner of Income Tax, Delhi, Viii
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that the whole object of the amended provision would be stultified if the Division Bench judgment were to be followed.
Judgment, page 11
From the headnote
Income Tax Act, 1961: s.2(22)(e) (as amended in 1988) – Applicability of – Partnership firm purchased shares in the name of two of its partners – Whether the firm or the partners are to be treated as shar eholders for the purpose of s.2(22)(e) – Held: The word “sha reholder” occurring in s.2(22)(e) post amendment, has only to be a person who is the beneficial owner of shares – One cannot be a regist ered owner and beneficial owner in the sense of a beneficiary of a trust or otherwise at the same time – To state that two conditions have to be satisfied namely that shareholder must be a regi
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