https://www.taxtmi.com/caselaws?id=100116 The High Court held that the assessee-company did not meet the criteria to be classified as a "company in which the public are substantially interested" under section 2(18) of the Income-tax Act. The Court determined that the shares held by public charitable trusts were not beneficially held by the public, as the trustees did not hold the shares for their own benefit. Consequently, the company's shares were controlled by a block of trustees, leading to the conclusion that it did not qualify as a company meeting the specified conditions. The judgment favored the Revenue, ruling against the assessee-company. en-us Wed, 24 Feb 1982 00:00:00 +0530 Tue, 31 Jan 2012 12:34:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100116 The High Court held that the assessee-company did not meet the criteria to be classified as a "company in which the public are substantially interested" under section 2(18) of the Income-tax Act. The Court determined that the shares held by public charitable trusts were not beneficially held by the public, as the trustees did not hold the shares for their own benefit. Consequently, the company's shares were controlled by a block of trustees, leading to the conclusion that it did not qualify as a company meeting the specified conditions. The judgment favored the Revenue, ruling against the assessee-company. Case-Laws Companies Law Wed, 24 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100116