https://www.taxtmi.com/caselaws?id=7397 For section 23A of the Income-tax Act, 1922, the banking-company voting cap under section 12(iv) was applied to the total voting rights before the cap was worked out, and on that basis the two principal shareholders together controlled more than half the voting power, so the company did not qualify as one in which the public were substantially interested. On the procedural point, authority given to an authorised representative to appear, plead and act for the tax authority was treated as including power to sign the reference petition, and the signing was capable of valid ratification. The substantive issue and the reference competence were both resolved against the assessee. en-us Mon, 24 Jun 1968 00:00:00 +0530 Thu, 19 Feb 2009 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7397 For section 23A of the Income-tax Act, 1922, the banking-company voting cap under section 12(iv) was applied to the total voting rights before the cap was worked out, and on that basis the two principal shareholders together controlled more than half the voting power, so the company did not qualify as one in which the public were substantially interested. On the procedural point, authority given to an authorised representative to appear, plead and act for the tax authority was treated as including power to sign the reference petition, and the signing was capable of valid ratification. The substantive issue and the reference competence were both resolved against the assessee. Case-Laws Income Tax Mon, 24 Jun 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7397