https://www.taxtmi.com/caselaws?id=39853 The High Court ruled in favor of the assessee, concluding that the company qualifies as a company in which the public are substantially interested. The court interpreted the relevant provisions of the Income-tax Act, emphasizing that the shares need to be freely transferable at any one given point of time during the relevant previous year, rather than throughout the entire year. The court applied principles of statutory interpretation favoring the taxpayer in cases of doubt, ultimately affirming the decision in favor of the assessee against the department. en-us Wed, 27 Mar 1974 00:00:00 +0530 Tue, 20 Apr 2010 16:42:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39853 The High Court ruled in favor of the assessee, concluding that the company qualifies as a company in which the public are substantially interested. The court interpreted the relevant provisions of the Income-tax Act, emphasizing that the shares need to be freely transferable at any one given point of time during the relevant previous year, rather than throughout the entire year. The court applied principles of statutory interpretation favoring the taxpayer in cases of doubt, ultimately affirming the decision in favor of the assessee against the department. Case-Laws Income Tax Wed, 27 Mar 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39853