https://www.taxtmi.com/caselaws?id=28901 The court held that the shares held by three public charitable trusts were not considered as held by the public under section 2(18) of the Income-tax Act, 1961. As the trustees held the shares for the benefit of the public and not for their own benefit, the company did not meet the criteria of being a company in which the public are substantially interested. The court ruled in favor of the Revenue, making the assessee-company liable to pay the costs of the reference. en-us Wed, 24 Feb 1982 00:00:00 +0530 Mon, 08 Mar 2010 15:13:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28901 The court held that the shares held by three public charitable trusts were not considered as held by the public under section 2(18) of the Income-tax Act, 1961. As the trustees held the shares for the benefit of the public and not for their own benefit, the company did not meet the criteria of being a company in which the public are substantially interested. The court ruled in favor of the Revenue, making the assessee-company liable to pay the costs of the reference. Case-Laws Income Tax Wed, 24 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28901