https://www.taxtmi.com/caselaws?id=20607 The High Court of Bombay ruled in favor of the Revenue for the assessment years 1968-69 and 1969-70, finding that shares held by charitable trusts could not be considered as held by the 'public.' However, for the assessment years 1970-71, 1971-72, and 1975-76, the court sided with the assessee, determining that the company met the criteria of being substantially interested by having shares listed on a recognized stock exchange and freely transferable. The court made no order as to costs in this matter. en-us Fri, 05 Feb 1993 00:00:00 +0530 Mon, 16 Nov 2009 11:02:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20607 The High Court of Bombay ruled in favor of the Revenue for the assessment years 1968-69 and 1969-70, finding that shares held by charitable trusts could not be considered as held by the 'public.' However, for the assessment years 1970-71, 1971-72, and 1975-76, the court sided with the assessee, determining that the company met the criteria of being substantially interested by having shares listed on a recognized stock exchange and freely transferable. The court made no order as to costs in this matter. Case-Laws Income Tax Fri, 05 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20607