https://www.taxtmi.com/caselaws?id=49541 Section 23A of the Indian Income-tax Act, 1922 turned on whether the assessee company was one in which the public were substantially interested, requiring examination of whether more than 75% of the shares were not beneficially held by the public. The Supreme Court held that "held by the public" cannot be narrowed merely because directors exercise voting power; directors remain members of the public, and the focus is on shares being beneficially held unconditionally by the public rather than under concerted control. The Court treated de facto control over certain shareholders as relevant, but remitted the matter for the High Court to decide the original question and, if necessary, obtain a supplemental statement from the Tribunal. en-us Wed, 07 Dec 1960 00:00:00 +0530 Sun, 31 Aug 2014 19:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49541 Section 23A of the Indian Income-tax Act, 1922 turned on whether the assessee company was one in which the public were substantially interested, requiring examination of whether more than 75% of the shares were not beneficially held by the public. The Supreme Court held that "held by the public" cannot be narrowed merely because directors exercise voting power; directors remain members of the public, and the focus is on shares being beneficially held unconditionally by the public rather than under concerted control. The Court treated de facto control over certain shareholders as relevant, but remitted the matter for the High Court to decide the original question and, if necessary, obtain a supplemental statement from the Tribunal. Case-Laws Income Tax Wed, 07 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49541