https://www.taxtmi.com/caselaws?id=276388 Under section 23A, shares held through a company controlled by a single dominant interest were not treated as shares beneficially and unconditionally held by the public, so the assessee did not fall within the public-interest exception for assessment year 1950-51. The order under section 23A was therefore upheld for that year. For assessment year 1951-52, the reasonableness of dividend declaration had to be judged on the profits actually available for distribution at the relevant time; a later rectification adding partnership income did not change the position at the date of the general meeting. Because the distributable profits were then too small to justify a dividend, the section 23A order for 1951-52 was not justified. en-us Tue, 18 Sep 1962 00:00:00 +0530 Thu, 08 Nov 2018 16:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276388 Under section 23A, shares held through a company controlled by a single dominant interest were not treated as shares beneficially and unconditionally held by the public, so the assessee did not fall within the public-interest exception for assessment year 1950-51. The order under section 23A was therefore upheld for that year. For assessment year 1951-52, the reasonableness of dividend declaration had to be judged on the profits actually available for distribution at the relevant time; a later rectification adding partnership income did not change the position at the date of the general meeting. Because the distributable profits were then too small to justify a dividend, the section 23A order for 1951-52 was not justified. Case-Laws Income Tax Tue, 18 Sep 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276388