https://www.taxtmi.com/circulars?id=4504 Administrative guidance directs that a public company with fewer than six directors is not to be deemed one in which the public are not substantially interested solely by reason of that fact. The applicable explanatory test focuses on control of the affairs of a company, a qualitative inquiry distinct from day to day management, and tax officers must assess how control is exercised rather than rely on the board's numeric strength. en-us Wed, 24 Jan 1973 00:00:00 +0530 Wed, 30 Jul 2008 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4504 Administrative guidance directs that a public company with fewer than six directors is not to be deemed one in which the public are not substantially interested solely by reason of that fact. The applicable explanatory test focuses on control of the affairs of a company, a qualitative inquiry distinct from day to day management, and tax officers must assess how control is exercised rather than rely on the board's numeric strength. Circulars Income Tax Wed, 24 Jan 1973 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4504