https://www.taxtmi.com/caselaws?id=24911 The court determined that the company was classified as a "company in which the public are not substantially interested" for the assessment years 1976-77 and 1977-78 under the Income-tax Act, 1961. The court held that the shares held by the legal heirs of the deceased shareholder, which had no voting power until registered, should not be considered in computing the total shares of the company for determining its voting power. The decision favored the Revenue and rejected the assessee's claim, emphasizing the importance of the concentration of voting power in less than six persons in such cases. en-us Tue, 13 Oct 1987 00:00:00 +0530 Sat, 23 Jan 2010 11:57:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24911 The court determined that the company was classified as a "company in which the public are not substantially interested" for the assessment years 1976-77 and 1977-78 under the Income-tax Act, 1961. The court held that the shares held by the legal heirs of the deceased shareholder, which had no voting power until registered, should not be considered in computing the total shares of the company for determining its voting power. The decision favored the Revenue and rejected the assessee's claim, emphasizing the importance of the concentration of voting power in less than six persons in such cases. Case-Laws Income Tax Tue, 13 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24911