https://www.taxtmi.com/caselaws?id=165178 A company is treated as one in which the public are substantially interested where the statutory test, applied by reference to voting power, does not show a single person or concerted group with controlling interest. A 51 per cent holding was sufficient to constitute controlling interest because it ordinarily secures control of ordinary resolutions and a dominant voice in the company, even though it falls short of the 75 per cent needed for a special resolution. Relationship alone does not justify grouping shareholders together, and a director is not excluded from the public merely by reason of office. On the facts, the company fell within the public-interest category and the deeming provision for undistributed income did not apply. en-us Mon, 24 Jan 1955 00:00:00 +0530 Sat, 17 May 2014 15:23:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165178 A company is treated as one in which the public are substantially interested where the statutory test, applied by reference to voting power, does not show a single person or concerted group with controlling interest. A 51 per cent holding was sufficient to constitute controlling interest because it ordinarily secures control of ordinary resolutions and a dominant voice in the company, even though it falls short of the 75 per cent needed for a special resolution. Relationship alone does not justify grouping shareholders together, and a director is not excluded from the public merely by reason of office. On the facts, the company fell within the public-interest category and the deeming provision for undistributed income did not apply. Case-Laws Income Tax Mon, 24 Jan 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165178