https://www.taxtmi.com/caselaws?id=39911 For section 23A, a controlling block may be inferred from the shareholders' relationship, conduct, and common interest; actual overt concerted action is not essential, and direct proof of concert is not required where surrounding circumstances support the inference. Material recorded by the Income-tax Investigation Commission, including admissions, may also be considered when determining whether a company is one in which the public are not substantially interested, because tax authorities are not strictly bound by evidence rules. Such material is usable only if the assessee is given notice and a fair opportunity to meet it, and the decision must rest on the correct factual inquiry and legal test. en-us Tue, 11 Oct 1966 00:00:00 +0530 Fri, 07 Apr 2017 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39911 For section 23A, a controlling block may be inferred from the shareholders' relationship, conduct, and common interest; actual overt concerted action is not essential, and direct proof of concert is not required where surrounding circumstances support the inference. Material recorded by the Income-tax Investigation Commission, including admissions, may also be considered when determining whether a company is one in which the public are not substantially interested, because tax authorities are not strictly bound by evidence rules. Such material is usable only if the assessee is given notice and a fair opportunity to meet it, and the decision must rest on the correct factual inquiry and legal test. Case-Laws Indian Laws Tue, 11 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39911