S. 2(22)(e) Registered shareholder must also be beneficial shareholder

Even after the amendment with effect from 1988 and introduction of the words “a person who is the beneficial owner of shares” cannot be construed to in a way alter the position that the shareholder has to be the registered shareholder. The amendment imposes an additional condition that the registered shareholder must also be the beneficial shareholder of the company that has furnished loan/advance. the fact that the shareholders of the assessee company were also shareholders of the company which had given “loan/advances” is not sufficient and does not me

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