https://www.taxtmi.com/caselaws?id=29152 The High Court found the company did not qualify as a "company in which the public are substantially interested" under s. 2(18) of the I.T. Act for assessment years 1963-64 and 1964-65. The Court emphasized the necessity for meeting conditions of unconditional allotment/acquisition and beneficial holding by the public, with legal and beneficial ownership aligning without external influence. Insufficient evidence led to the matter being remitted to the Tribunal for further proceedings to determine the company's status accurately. The case highlighted the importance of concrete evidence and adherence to statutory conditions in tax assessments involving complex ownership structures. en-us Mon, 07 Feb 1977 00:00:00 +0530 Thu, 11 Mar 2010 11:39:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29152 The High Court found the company did not qualify as a "company in which the public are substantially interested" under s. 2(18) of the I.T. Act for assessment years 1963-64 and 1964-65. The Court emphasized the necessity for meeting conditions of unconditional allotment/acquisition and beneficial holding by the public, with legal and beneficial ownership aligning without external influence. Insufficient evidence led to the matter being remitted to the Tribunal for further proceedings to determine the company's status accurately. The case highlighted the importance of concrete evidence and adherence to statutory conditions in tax assessments involving complex ownership structures. Case-Laws Income Tax Mon, 07 Feb 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29152