https://www.taxtmi.com/caselaws?id=183219 For the purpose of Section 13(9) of the Finance (No. 2) Act 1939, the decisive test of a controlling interest is the voting power attached to the shares, not the directors' beneficial ownership. Shares registered in directors' names were to be treated according to the register, and the company was not required to investigate trusts behind it. Shares held by directors as trustees were therefore not excluded merely because the directors were not the sole beneficial owners, and references to other fiscal provisions did not justify importing a beneficial ownership requirement into "controlling interest." The directors were held to have a controlling interest in the company. en-us Thu, 17 May 1945 00:00:00 +0630 Wed, 01 Jun 2016 18:27:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183219 For the purpose of Section 13(9) of the Finance (No. 2) Act 1939, the decisive test of a controlling interest is the voting power attached to the shares, not the directors' beneficial ownership. Shares registered in directors' names were to be treated according to the register, and the company was not required to investigate trusts behind it. Shares held by directors as trustees were therefore not excluded merely because the directors were not the sole beneficial owners, and references to other fiscal provisions did not justify importing a beneficial ownership requirement into "controlling interest." The directors were held to have a controlling interest in the company. Case-Laws Income Tax Thu, 17 May 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=183219