https://www.taxtmi.com/caselaws?id=49716 Control of a company under the Excess Profits Tax Act depends on ownership of the majority of vote-carrying shares. Directors may have a controlling interest where they are the registered holders of those shares, even if the beneficial interest lies elsewhere. But a director who merely votes shares as another shareholder's agent under a revocable authority does not acquire those shares or the controlling interest, because the shares remain vested in and subject to the shareholder's will. On that reasoning, the directors were held not to have a controlling interest in the respondent company, and the question was answered in the negative. en-us Thu, 08 Oct 1953 00:00:00 +0530 Wed, 10 Sep 2014 09:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49716 Control of a company under the Excess Profits Tax Act depends on ownership of the majority of vote-carrying shares. Directors may have a controlling interest where they are the registered holders of those shares, even if the beneficial interest lies elsewhere. But a director who merely votes shares as another shareholder's agent under a revocable authority does not acquire those shares or the controlling interest, because the shares remain vested in and subject to the shareholder's will. On that reasoning, the directors were held not to have a controlling interest in the respondent company, and the question was answered in the negative. Case-Laws Income Tax Thu, 08 Oct 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49716