https://www.taxtmi.com/caselaws?id=6470 Section 23A turned on whether the company fell within the exception for a company in which the public were substantially interested. The Court applied the totality-of-circumstances test, asking whether a controlling block of shareholders was acting in concert, assessed from family relationship, shareholding pattern, management participation and surrounding facts. On the facts, the company was treated as a family concern, the principal shareholders were found to be acting together, and the presence of two employee-directors did not displace that inference. The company was therefore outside the statutory exception, section 23A applied, and the revenue succeeded. en-us Mon, 16 Feb 1976 00:00:00 +0530 Fri, 05 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6470 Section 23A turned on whether the company fell within the exception for a company in which the public were substantially interested. The Court applied the totality-of-circumstances test, asking whether a controlling block of shareholders was acting in concert, assessed from family relationship, shareholding pattern, management participation and surrounding facts. On the facts, the company was treated as a family concern, the principal shareholders were found to be acting together, and the presence of two employee-directors did not displace that inference. The company was therefore outside the statutory exception, section 23A applied, and the revenue succeeded. Case-Laws Income Tax Mon, 16 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6470