What is the difference between "a person having substantial interest" and a "beneficial owner" ?
I have the doubt because the 1st definition below uses the term 'beneficial owner' while defining a person having substantial interest And the 2nd definition below uses the term 'assesse having beneficial interest'.
1. Sec-2(32) of IT Act defines a personhaving substantial interest as "person who is beneficial owner of shares,not being entitled to fixed share of dividend, whether with or without a right to participate in profits carrrying not less than 20% of voting power."
2.On the other hand when I read Section 94(2) of IT Act, which provides for the prevention of the practice of sale of securities-cum-interest by an assesse who has a "beneficial interest in such securities".
Please explain. Do the meaning differ in different contexts.
Thank you.
CAclubindia
