https://www.taxtmi.com/caselaws?id=49541 The Supreme Court remanded the case back to the High Court to determine whether more than 75% of the shares were not beneficially held by the public, emphasizing the need for shares to be unconditionally and beneficially held by the public without control by a concerted group. The High Court's interpretation of "held by the public" in relation to voting power was disagreed upon, clarifying that directors are considered part of the public. The Court directed the High Court to reassess the de facto control issue over shareholders and decide on the applicability of Section 23A of the Indian Income-tax Act, 1922, to the assessee company. 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 The Supreme Court remanded the case back to the High Court to determine whether more than 75% of the shares were not beneficially held by the public, emphasizing the need for shares to be unconditionally and beneficially held by the public without control by a concerted group. The High Court's interpretation of "held by the public" in relation to voting power was disagreed upon, clarifying that directors are considered part of the public. The Court directed the High Court to reassess the de facto control issue over shareholders and decide on the applicability of Section 23A of the Indian Income-tax Act, 1922, to the assessee company. Case-Laws Income Tax Wed, 07 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49541