https://www.taxtmi.com/caselaws?id=49544 For section 23A(1) of the Indian Income-tax Act, public interest in a company was tested by whether at least 25% of the voting power had been unconditionally allotted to, or acquired by, and beneficially held by, the public. Shares held through another company could not be treated as public holdings unless that company itself satisfied the statutory requirement of public beneficial interest. The shareholding of Mysore Merchants Ltd. therefore could not be counted as public holding in the assessee company, and clause 14 of the Part B States (Taxation Concessions) Order, 1950 did not displace the statutory exclusion in the Explanation. en-us Wed, 07 Dec 1960 00:00:00 +0530 Sun, 31 Aug 2014 19:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49544 For section 23A(1) of the Indian Income-tax Act, public interest in a company was tested by whether at least 25% of the voting power had been unconditionally allotted to, or acquired by, and beneficially held by, the public. Shares held through another company could not be treated as public holdings unless that company itself satisfied the statutory requirement of public beneficial interest. The shareholding of Mysore Merchants Ltd. therefore could not be counted as public holding in the assessee company, and clause 14 of the Part B States (Taxation Concessions) Order, 1950 did not displace the statutory exclusion in the Explanation. Case-Laws Income Tax Wed, 07 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49544