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TMI Blog1984 (9) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... pellate Tribunal is as under " Whether shares held by a company in which the public are substantially interested within the meaning of section 2(18) of the Income-tax Act, 1961, are shares held by the public within the meaning of section 2(18)(b) ? " Thus, in the orders of the Income-tax Officer, Appellate Assistant Commissioner and the Tribunal from which this reference ultimately came to the H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nswer to be given to that question would seem to depend only on the applicability of the first of the three conditions. The learned advocate for the assessee has drawn our attention to decision of the Division Bench of this Court (to which I was a party), in which decision this point has been considered and where the answer has been given in favour of the assessee in a similar set up. In the pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, that the auditors of Rank Organisation Ltd. had certified this by their letter dated July 7, 1964, the relevant portion of which is mentioned in paragraph I of the statement of the case. The learned advocate for the assessee company has drawn our attention to the case of CIT v. Baroda Investment Co. Ltd. [1979] 119 ITR 14 (Bom), in which it has been held that if the three companies holding mor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he question referred to us is concluded by the decision in Baroda Investment Co. Ltd.'s case [1979] 119 ITR 14 (Bom). We are of opinion that it is unnecessary to refer to the large number of authorities discussed in the order of the Tribunal. As far as this court is concerned, the answer to be given to the question is concluded by its decision in Baroda Investment Co.'s case [1979] 119 ITR 14 (Bom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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