https://www.taxtmi.com/caselaws?id=6278 Shares carrying not less than 25% of the voting power were required to be beneficially held by the public, and the further statutory condition was satisfied if those shares were either dealt in on a stock exchange during the previous year or were freely transferable. The Tribunal found actual dealings in the Calcutta Stock Exchange, with daily transactions, quotations and price fluctuations, which was sufficient to meet the alternative second limb. The company therefore fell within the statutory exception for a company in which the public were substantially interested, and section 23A(1) did not apply. en-us Wed, 29 Apr 1970 00:00:00 +0530 Wed, 19 Aug 2020 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6278 Shares carrying not less than 25% of the voting power were required to be beneficially held by the public, and the further statutory condition was satisfied if those shares were either dealt in on a stock exchange during the previous year or were freely transferable. The Tribunal found actual dealings in the Calcutta Stock Exchange, with daily transactions, quotations and price fluctuations, which was sufficient to meet the alternative second limb. The company therefore fell within the statutory exception for a company in which the public were substantially interested, and section 23A(1) did not apply. Case-Laws Income Tax Wed, 29 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6278