676/CBDT.

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....hat at company whose equity shares to the extent of not less than 50 per cent.(40% in the case of an industrial company) are held by another company in which the public are substantially interested or by a 100 per cent subsidiary of such a company will be regard, if it satisfies the other conditions of section 2(18). (ii) in ascertaining whether the affairs of the company or shares carrying more ....

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....was the same as brought out by the amendment. The amendment only clarified the existing position and did not make any change in the law. The Board have been advised that the position in the law enunciated by the Kerala High Court in the judgment cited, which is in consonance with and follows the Supreme Court decision in Changdeo Sugar Mils Vs C.I.T. (41 ITR.607) set out the correct position in la....