Mr. Nabin Ballodia (Partner & Leader (North), Tax & Regulatory Services, BDO India) moderated a panel discussion on Beneficial Ownership @ #TaxsutraConclave2023.

During the panel discussion, Mr. Kamlesh Varshney (Joint Secretary (TPL I), Ministry of Finance) expressed "Beneficial Ownership is a limited anti-avoidance rule... we should understand the term...applies to nominees, conduit companies...In Blackstone case, there was no sufficient ground to initiate reassessment, that's perhaps right but High Court had no need to decide on Beneficial Ownership"

Mr. Aakash Uppal (Partner & Leader (North), Corporate Tax, Tax and Regulatory Services,
BDO India) shared "One has to go back to 1977 OECD MC when beneficial ownership was introduced to clarify the meaning of the word 'paid' for passive incomes..Need to wait for the Supreme Court judgment on whether Beneficial Ownership can be applied to capital gains"

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