https://www.taxtmi.com/caselaws?id=39641 Section 23A required all prescribed conditions to be cumulatively satisfied before a company could be treated as one in which the public were substantially interested; on the stated facts, the company met that test because its shares were treated as beneficially held by the public, its articles did not defeat free transferability, its business was manufacture and sale of yarn, and the control threshold was not crossed. Section 2(6A)(e) applied only where the company itself made an actual loan or advance to a shareholder, so misappropriation by a managing director without company lending entries was not treated as dividend. Development rebate reserve was included in accumulated profits for that provision. en-us Thu, 01 Mar 1973 00:00:00 +0530 Mon, 19 Apr 2010 12:30:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39641 Section 23A required all prescribed conditions to be cumulatively satisfied before a company could be treated as one in which the public were substantially interested; on the stated facts, the company met that test because its shares were treated as beneficially held by the public, its articles did not defeat free transferability, its business was manufacture and sale of yarn, and the control threshold was not crossed. Section 2(6A)(e) applied only where the company itself made an actual loan or advance to a shareholder, so misappropriation by a managing director without company lending entries was not treated as dividend. Development rebate reserve was included in accumulated profits for that provision. Case-Laws Income Tax Thu, 01 Mar 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39641