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“beneficial owner”

International TaxDTAADTAA951 judgments

The decision most relied on for beneficial owner is Shyam Sunder v. Ram Kumar, (2001) 8 SCC 24 (para 44); Brij Mohan Das Laxman Das v. CIT (5 SCC 482), cited in 261 judgments on BharatTax.

Leading authorities on beneficial owner

Shyam Sunder v. Ram Kumar, (2001) 8 SCC 24 (para 44); Brij Mohan Das Laxman Das v. CIT
5 SCC 482 · 1997 · Supreme Court
261
citing judgments

For income to be assessable under the head 'Income from House Property' as per Section 22 of the Income Tax Act, 1961, beneficial ownership or the right to enjoy the property is sufficient; legal ownership is not a mandatory prerequisite.

Mysore Minerals Ltd. v. CIT
239 ITR 775 · 1999 · Supreme Court
215
citing judgments

For income tax purposes, the 'owner' of a property is the person who is entitled to receive income in their own right, bears the risks incidental to ownership, and utilizes the asset, even if the sale deed is not formally registered. This beneficial ownership is sufficient for claiming depreciation or capital gains exemption under relevant sections.

CIT v. Ankitech (P) Ltd.
340 ITR 14 · 2012 · High Court
202
citing judgments

Deemed dividend under section 2(22)(e) cannot be taxed in the hands of a non-shareholder. The Supreme Court confirmed this view, affirming the Delhi High Court's decision in Ankitech.

PCIT v. Ambe Tradecorp Pvt. Ltd.
145 Taxmann.com 27 · 2022 · High Court
169
citing judgments

No addition under section 68 can be made for a loan if the assessee furnishes material proving the identity of the loan givers, demonstrates they are not the beneficial owner, and has repaid the loan in a subsequent year.

CIT v. Universal Medicare Pvt. Ltd.
324 ITR 263 · 2010 · High Court
111
citing judgments

Deemed dividend under section 2(22)(e) is assessable only in the hands of the beneficial shareholder who receives the benefit of the loan or advance, and not in the hands of the company receiving the loan.

Miss P. Sarada v. CIT
229 ITR 444 · 1998 · Supreme Court
64
citing judgments

A loan or advance from a closely held company to a shareholder is a deemed dividend under Section 2(22)(e) upon receipt, unaffected by subsequent repayment or adjustment.

(Refer: CIT v. C.P.Sarathy Mudaliar
83 ITR 170 · 1972 · Supreme Court
63
citing judgments

For the purpose of deemed dividend under section 2(22)(e) of the Income-tax Act, the term 'shareholder' refers exclusively to a registered shareholder of the company, and not a beneficial owner or non-shareholder.

CIT v. Ravinder Kumar Arora
342 ITR 38 · 2012 · High Court
51
citing judgments

Deduction under Section 54F cannot be restricted or denied merely because the new residential property, for which the entire consideration is paid by the assessee, is purchased in the joint names of the assessee and their spouse. The assessee is considered the actual and constructive owner of the property.

Judgments citing beneficial owner

Deputy Commssioner of Income Tax, Central Circle, 4(3), Kolkata vs. Privi Exports Private Limited, Kolkata

In the result, the appeal filed by the revenue is dismissed and cross-objection of the assessee is allowed for statistical purposes

ITA 1605/KOL/2025[2018-19]Status: DisposedITAT Kolkata12 Dec 2025AY 2018-19

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyassessment Year: 2018-19 Dcit, Central Circle-4(3), Kolkata…..……………….……….……….……Appellant Vs. Privi Exports Pvt. Ltd….………………………………….....……...…..…..Respondent Office No.2, Gf, 91A/1, Park Street, Kol-16. [Pan: Aaicp6253B] C.O. No.67/Kol/2025 (In Ita No.1605/Kol/2025) Assessment Year: 2018-19 Privi Exports Pvt. Ltd.….……………………. ….……….……….……Cross-Objector Office No.2, Gf, 91A/1, Park Street, Kol-16. [Pan: Aaicp6253B] Vs. Dcit, Central Circle-4(3), Kolkata...…………………....…..…………….Respondent Appearances By: Shri Manish Tiwari, Fca, Appeared On Behalf Of The Assessee. Shri S B Chakraborthy, Sr. Dr, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : December 02, 2025 Date Of Pronouncing The Order : December 12, 2025 Order Per Pradip Kumar Choubey:

Section 131Section 133ASection 139Section 142(1)Section 143(2)Section 143(3)Section 250Section 68Section 69C

case of normal business and repaid the said loan through banking channel in the same FY, the assessee cannot be said to be beneficial owner of the money without any cogent evidence brought by the AO on record and addition under section 68 by the AO cannot be sustained. Additionally