TaxTMI 
TaxTMI 
1987 (4) TMI 48
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....eference at the instance of the Revenue are : "(1) Whether, on the facts and in the circumstances of the case, the assessee-company was a company in which the public were substantially interested during the previous years relevant to the assessment years 1966-67 to 1969-70 ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the value of 'build....
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....his context, he invites our attention to section 2(18)(b)(B)(iii) and Explanation I thereto of the Income-tax Act, 1961, for the proposition that for the purpose of finding whether shares carrying more than 50% of the total voting power were held by five or less persons, the persons who are nominees of any other person shall be treated as a single person. It was stated that the United Commercial B....
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....ons. The registered shareholders are the two banks in their own right. It is true that both the banks are nominees of Hindustan Charity Trust. However, the Tribunal has given a clear-cut finding that they have never acted in concert and unison and they are the registered shareholders. In the above view of the matter, following the Supreme Court decisions, we hold that the two banks are to be treat....