https://www.taxtmi.com/caselaws?id=276805 For section 23A, a company is treated as one in which the public are substantially interested only if shares carrying at least 25% of the voting power are beneficially held by the public; directors are excluded from the public only where actual control of their voting power is proved. Mere managerial connection or participation in the managing agency is insufficient. On the facts stated, the Department had not shown that the public holding fell below the statutory threshold, so section 23A did not apply. The Court also held that a supplemental statement of the case was unjustified because the Department could not use section 66(4) to remedy its failure to lead the necessary evidence. en-us Thu, 13 Mar 1958 00:00:00 +0530 Sat, 17 Nov 2018 16:48:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276805 For section 23A, a company is treated as one in which the public are substantially interested only if shares carrying at least 25% of the voting power are beneficially held by the public; directors are excluded from the public only where actual control of their voting power is proved. Mere managerial connection or participation in the managing agency is insufficient. On the facts stated, the Department had not shown that the public holding fell below the statutory threshold, so section 23A did not apply. The Court also held that a supplemental statement of the case was unjustified because the Department could not use section 66(4) to remedy its failure to lead the necessary evidence. Case-Laws Income Tax Thu, 13 Mar 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276805