Issue u/s sec 2(22)(e)

Yes if the assessee is the Beneficial Owner of those shares.

- Ruben Balooni

As per section 2(22)(e) the condition is only beneficial owner of the shares ot the extent of 10%. If the person is not the beneficial owner of his / her relatives holding then the same would not be clubbled for hte purpose of 10%.

The said clause has been pasted below for ready reference.

 any payment by a company, not being a company in which the public are substantially interested, of any sum (whether as representing a part of the assets of the company or otherwise) ⁹⁴[made after the 31st day of May, 1987, by way of advance⁹⁵ or loan to a shareholder⁹⁵, being a person who is the beneficial owner of shares (not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits) holding not less than ten per cent of the voting power, or to any concern in which such shareholder is a member or a partner and in which he has a substantial interest (hereafter in this clause referred to as the said concern)] or any payment by any such company on behalf, or for the individual benefit, of any such shareholder, to the extent to which the company in either case possesses accumulated profits⁹⁶