https://www.taxtmi.com/caselaws?id=20719 The court interpreted conditions (ii) and (iii) of section 2(18)(b)(B) of the Income-tax Act, 1961. Regarding condition (ii) on transferability of shares, the court held that shares needed to be freely transferable at some point during the previous year, not necessarily throughout. Concerning condition (iii) on control of shares, the court ruled in favor of the assessee, emphasizing that certain categories mentioned in condition (i) should be excluded to avoid absurd results. The judgment provided a detailed analysis of the provisions, legislative intent, and relevant precedents, clarifying the requirements for a company in which the public were substantially interested. en-us Fri, 26 Feb 1993 00:00:00 +0530 Mon, 16 Nov 2009 17:27:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20719 The court interpreted conditions (ii) and (iii) of section 2(18)(b)(B) of the Income-tax Act, 1961. Regarding condition (ii) on transferability of shares, the court held that shares needed to be freely transferable at some point during the previous year, not necessarily throughout. Concerning condition (iii) on control of shares, the court ruled in favor of the assessee, emphasizing that certain categories mentioned in condition (i) should be excluded to avoid absurd results. The judgment provided a detailed analysis of the provisions, legislative intent, and relevant precedents, clarifying the requirements for a company in which the public were substantially interested. Case-Laws Income Tax Fri, 26 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20719