https://www.taxtmi.com/caselaws?id=38586 In construing the exclusion for companies in which the public are substantially interested under section 23A of the Indian Income-tax Act, 1922, the Court held that all statutory conditions had to be cumulatively satisfied. For 1956-57, the assessee failed because more than half the voting power was held by one corporate entity and clause (iii) was not met. For 1959-60 and 1960-61, the amended text excluded companies outside section 23A from the relevant count, and "the public" was held wide enough to include a company in which the public were substantially interested; the assessee therefore qualified for exclusion. On the dividend issue for 1956-57, the Tribunal's finding that a larger dividend would not have been unreasonable was treated as a finding of fact and stood against the assessee. en-us Wed, 10 Nov 1976 00:00:00 +0530 Mon, 24 Jul 2017 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38586 In construing the exclusion for companies in which the public are substantially interested under section 23A of the Indian Income-tax Act, 1922, the Court held that all statutory conditions had to be cumulatively satisfied. For 1956-57, the assessee failed because more than half the voting power was held by one corporate entity and clause (iii) was not met. For 1959-60 and 1960-61, the amended text excluded companies outside section 23A from the relevant count, and "the public" was held wide enough to include a company in which the public were substantially interested; the assessee therefore qualified for exclusion. On the dividend issue for 1956-57, the Tribunal's finding that a larger dividend would not have been unreasonable was treated as a finding of fact and stood against the assessee. Case-Laws Income Tax Wed, 10 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38586