https://www.taxtmi.com/caselaws?id=25452 For determining whether a company is one in which the public are substantially interested, shares held by two banks as nominees of the same trust were counted as held by two separate persons because the relevant test focused on the identity of the registered shareholders and there was no concerted action merging their holdings. The court also followed its earlier ruling in the assessee's own case and held that the value of building and machinery under erection, together with advances for machinery and raw material, formed part of the capital base under rule 19A for relief under section 80J. Both referred questions were answered for the assessee. en-us Thu, 02 Apr 1987 00:00:00 +0530 Thu, 28 Jan 2010 16:43:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25452 For determining whether a company is one in which the public are substantially interested, shares held by two banks as nominees of the same trust were counted as held by two separate persons because the relevant test focused on the identity of the registered shareholders and there was no concerted action merging their holdings. The court also followed its earlier ruling in the assessee's own case and held that the value of building and machinery under erection, together with advances for machinery and raw material, formed part of the capital base under rule 19A for relief under section 80J. Both referred questions were answered for the assessee. Case-Laws Income Tax Thu, 02 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25452