Sharing of beneficial ownership for deemed dividend between spouses under guise of Portuguese Civil Code unjustified

Dattaprasad Kamat Vs ACIT (Bombay High Court)

Bombay High Court held that the provisions of the Civil Code could not create any right in a spouse, who is not registered shareholder of the company, by operation of law, in relation to other shareholders of that company including her spouse. Accordingly, beneficial ownership held by one spouse cannot be taxed on the basis of 50% to each.

Facts- The Assessees, Shri Dattaprasad Kamat (Tax Appeal No. 51/2017) along with his two

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