https://www.taxtmi.com/caselaws?id=32898 The High Court determined that the assessee qualifies as a company in which the public are substantially interested under Section 2(18) of the Income Tax Act. The court concluded that the subsidiaries holding more than 50% of the assessee's shares were considered companies covered by the Act, even though they were not wholly owned by the parent company. The court ruled in favor of the assessee, contrary to the Revenue's position. The reference was disposed of accordingly. en-us Fri, 20 Jun 2008 00:00:00 +0530 Wed, 08 Apr 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32898 The High Court determined that the assessee qualifies as a company in which the public are substantially interested under Section 2(18) of the Income Tax Act. The court concluded that the subsidiaries holding more than 50% of the assessee's shares were considered companies covered by the Act, even though they were not wholly owned by the parent company. The court ruled in favor of the assessee, contrary to the Revenue's position. The reference was disposed of accordingly. Case-Laws Income Tax Fri, 20 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32898