Minimum Public Offer Requirements set tiered issuer-based allotment minima with mandatory staged public shareholding increases and exchange enforcemen...
Disallowance under tax law for investment expenses cannot be applied mechanically; authority must record clear reasons before increasing assessee's su...
The article examines denial of trust exemption where purchases of shares from specified persons may trigger prohibition; it explains that the prohibition applies only if the trust purchased shares directly from persons who held a substantial interest (defined by control of about 20% voting power) or through entities controlled by them. The tribunal found sellers did not possess such substantial interest or control, noted the Assessing Officer conflated distinct provisions, and concluded the prohibition was inapplicable; the appeal by the trust was allowed.
The article examines denial of trust exemption where purchases of shares from specified persons may trigger prohibition; it explains that the prohibition applies only if the trust purchased shares directly from persons who held a substantial interest (defined by control of about 20% voting power) or through entities controlled by them. The tribunal found sellers did not possess such substantial interest or control, noted the Assessing Officer conflated distinct provisions, and concluded the prohibition was inapplicable; the appeal by the trust was allowed.
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