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2013 (11) TMI 656 - HC - Wealth-taxWhether assessee is not assessable to Wealth Tax - Is assessee is a company in which the public is substantially interested - Assessee is a subsidiary of M/s.Ace Investments Private Limited, which held 100% shares in the assessee company. The shareholders of the company were members of Goenka Family – Held that:- 49% of the shares in Ace Investments were transferred to Bhagwan Das Goenka Educational Institution as early as on 19.03.1984 - Status of the Bhagwan Das Goenka Educational Institution, treated as Section 25 Company – As per Clause 13 of the Articles of Association, every member present in person shall have one vote only in respect of every share held by him. When the Revenue has not furnished materials to discredit this and the findings recorded before the Income Tax Appellate Tribunal regarding the Ace Investments in the appeal filed by the Revenue, thus, having attained finality, in the background of this fact situation with 100% of the shares of the assessee company held by Ace Investments, which is recognised as a company in which public are substantially interested, no any justifiable ground to take a view differently as that of what had been taken by the Income Tax Appellate Tribunal - When the wholly owned subsidiary could be considered as a company in which public are substantially interested, the assessee-company ought to be treated as a company in which public are substantially interested. The order of the Income Tax Appellate Tribunal dated 02.04.2002 in the assessee's own case, thus having attained finality, there being no appeal filed against this order – Decided against the Revenue.
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