https://www.taxtmi.com/caselaws?id=8846 A statutory exemption decision under the Indian Income-tax Act had to be made by a speaking order with recorded reasons; a bare statement that the notification conditions were not satisfied was inadequate and liable to be quashed. The authority could not rely on an external report or assumed knowledge of the reasons, because the affected party must be able to test the basis of refusal in judicial review. The material was also insufficient to show breach of condition No. (ii), which applied only where the company was formed for, or engaged in, acquiring or exercising control over another company. Shareholding and voting participation, without proof of effective control or such purpose, did not establish disqualification. en-us Wed, 21 Feb 1973 00:00:00 +0530 Tue, 16 Jun 2009 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8846 A statutory exemption decision under the Indian Income-tax Act had to be made by a speaking order with recorded reasons; a bare statement that the notification conditions were not satisfied was inadequate and liable to be quashed. The authority could not rely on an external report or assumed knowledge of the reasons, because the affected party must be able to test the basis of refusal in judicial review. The material was also insufficient to show breach of condition No. (ii), which applied only where the company was formed for, or engaged in, acquiring or exercising control over another company. Shareholding and voting participation, without proof of effective control or such purpose, did not establish disqualification. Case-Laws Income Tax Wed, 21 Feb 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8846