https://www.taxtmi.com/caselaws?id=49544 The note clarifies the statutory test for when a company is treated as one in which the public are substantially interested under section 23A(1): the company qualifies only where shares carrying a statutory minimum of voting power are beneficially held by the public under the Explanation, and that test must be applied as articulated in the companion decision. It further explains that shares held by another company are excluded from public-held shares if the holding company itself is not a company in which the public are substantially interested, and that a regional taxation concession does not alter this statutory construction. 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 The note clarifies the statutory test for when a company is treated as one in which the public are substantially interested under section 23A(1): the company qualifies only where shares carrying a statutory minimum of voting power are beneficially held by the public under the Explanation, and that test must be applied as articulated in the companion decision. It further explains that shares held by another company are excluded from public-held shares if the holding company itself is not a company in which the public are substantially interested, and that a regional taxation concession does not alter this statutory construction. Case-Laws Income Tax Wed, 07 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49544