https://www.taxtmi.com/caselaws?id=69280 Freely transferable shares satisfy the statutory test for treating a company as one in which the public are substantially interested, sustaining the taxpayer's claimed status. Advance-tax payment by cheque is treated as timely where the cheque is tendered to the Reserve Bank before the due date and no material shows that delayed clearance was attributable to the taxpayer. Rule 81 of the Treasury Rules and commercial practice support treating timely tender, rather than subsequent realisation, as the relevant payment event absent special circumstances. Both issues support the assessment-related relief claimed by the taxpayer. en-us Wed, 09 May 1979 00:00:00 +0530 Wed, 06 Apr 2011 10:57:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69280 Freely transferable shares satisfy the statutory test for treating a company as one in which the public are substantially interested, sustaining the taxpayer's claimed status. Advance-tax payment by cheque is treated as timely where the cheque is tendered to the Reserve Bank before the due date and no material shows that delayed clearance was attributable to the taxpayer. Rule 81 of the Treasury Rules and commercial practice support treating timely tender, rather than subsequent realisation, as the relevant payment event absent special circumstances. Both issues support the assessment-related relief claimed by the taxpayer. Case-Laws Income Tax Wed, 09 May 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69280