1993 (2) TMI 30

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....neficially held by charitable trusts could be said to be held by the 'public' ? (ii) On the facts and in the circumstances of the case, whether the shares held by a nominee, being a public limited company, could be excluded in terms of Explanation 1 to section 2(18) when the nominee did not beneficially own the said shares ? (iii) On the facts and in the circumstances of the case, whether the assessee-company could be said to be one in which 'the public were substantially interested' within the meaning of section 2(18) of the Incometax Act, 1961 ?" Learned counsel for the assessee, at the outset, stated that the issue involved in these references is to be considered in two groups, i.e., one pertaining to the assessment years 1968-6....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ith or without a further right to participate in profits) were, as on the last day of the relevant previous year, listed in a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made there under: (B) (i) shares in the company (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not less than fifty per cent. of the voting power have been allotted unconditionally to, or acquired unconditionally by, and were throughout the relevant previous year beneficially held by- . . . . " Learned counsel for the assessee submitted that a company would be a company in which the public are substant....