https://www.taxtmi.com/caselaws?id=277351 For director-control under the Excess Profits Tax Act, the relevant test is whether the directors held a controlling voting interest based on the shares standing in their names and the votes attached to those shares, rather than on speculative assumptions about how other shareholders might exercise voting rights. On that basis, the directors' shareholding gave them only a minority of the votes, so the company was not director-controlled. On the separate question, the commission payable to the managing agents was treated as a debt due by the company, following the governing principle previously applied by the Court on the same statutory issue. en-us Thu, 16 Mar 1950 00:00:00 +0530 Sat, 01 Dec 2018 15:51:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277351 For director-control under the Excess Profits Tax Act, the relevant test is whether the directors held a controlling voting interest based on the shares standing in their names and the votes attached to those shares, rather than on speculative assumptions about how other shareholders might exercise voting rights. On that basis, the directors' shareholding gave them only a minority of the votes, so the company was not director-controlled. On the separate question, the commission payable to the managing agents was treated as a debt due by the company, following the governing principle previously applied by the Court on the same statutory issue. Case-Laws Income Tax Thu, 16 Mar 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277351