https://www.taxtmi.com/caselaws?id=14865 The court interpreted the statutory provision defining a "company in which the public are substantially interested" under the Income-tax Act, 1961. It ruled that public interest is established when shares held by government entities, statutory corporations, companies, or the public collectively exceed 50%. The court rejected the argument that shares must be held exclusively by these entities. It clarified that a reference should only be made for debatable questions of law. The court dismissed the tax cases, emphasizing the importance of interpreting statutes in line with their language and objectives. en-us Wed, 16 Sep 1998 00:00:00 +0530 Thu, 23 Jul 2009 16:45:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14865 The court interpreted the statutory provision defining a "company in which the public are substantially interested" under the Income-tax Act, 1961. It ruled that public interest is established when shares held by government entities, statutory corporations, companies, or the public collectively exceed 50%. The court rejected the argument that shares must be held exclusively by these entities. It clarified that a reference should only be made for debatable questions of law. The court dismissed the tax cases, emphasizing the importance of interpreting statutes in line with their language and objectives. Case-Laws Income Tax Wed, 16 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14865