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1964 (4) TMI 17 - SUPREME COURTWhether the provisions of section 23A were correctly applied for the three relevant years ? Held that:- Whether in view of the third proviso the company may be regarded as one in which the public are substantially interested, is a question to which no attention was paid by the Tribunal. Whether in fact there exists such a controlling interest in the hands of one shareholder or a group of shareholders as would render the company one in which the public are not substantially interested is a question which therefore cannot be decided by this court. The order of the High Court must therefore be confirmed, but on different grounds. The interpretation of the Explanation by the High Court, for reasons already set out, was incorrect ; the Explanation had no application, because no presumption on the facts found could arise thereunder. The revenue authorities have not made any investigation on the question whether there existed any controlling interest in a group of persons, so as to bring the case within the third proviso. Appeal dismissed.
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