Applicability of provisions of section 2(22)(e) to Beneficial Shareholder or Registered Shareholder- Supreme Court Ruling in National Travel v CIT

Jyoti Jain National Travel Service Vs. CIT (Supreme Court of India) Sec. 2(22)(e) of the Income Tax Act, 1961 (the Act), is one such deeming provision that has remain point of litigation over various issues since its inception. One such issue is applicability of provisions of section 2(22)(e) when a shareholder is beneficial shareholder or registered shareholder. In this context, a latest ruling of Supreme Court in case of National Travel v CIT Civil Appeal Nos. 2068-2071 of 2012 is available which interprets the law and set aside this controversy. The author summaries this ruling in this writ...