https://www.taxtmi.com/caselaws?id=18519 The High Court ruled in favor of the assessee, holding that the company formed to take over the Indian business of a foreign company was a company in which the public are substantially interested. Despite the initial shareholding structure, the Court considered the purpose of the provisions and the temporary nature of the arrangements, ultimately allowing the assessee to benefit from the reduced tax rate. en-us Thu, 25 Jan 1996 00:00:00 +0530 Thu, 01 Oct 2009 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18519 The High Court ruled in favor of the assessee, holding that the company formed to take over the Indian business of a foreign company was a company in which the public are substantially interested. Despite the initial shareholding structure, the Court considered the purpose of the provisions and the temporary nature of the arrangements, ultimately allowing the assessee to benefit from the reduced tax rate. Case-Laws Income Tax Thu, 25 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18519