Sectio 2(22)(e): Registered owner Vs. beneficial owner: SC refers matter to larger bench

National Travel Service Vs. CIT (Supreme Court of India) The question that arises in these appeals is as to whether Section 2(22)(e) of the Act gets attracted inasmuch as a loan has been made to a shareholder, who after the amendment, is a person who is the beneficial owner of shares holding not less than 10% of the voting power in the Company, and whether the loan is made to any concern in which such shareholder is a partner and in which he has a substantial interest, which is defined as being an interest of 20% or more of the share of the profits of the firm. Word “shareholder” now, post...