COMMISSIONER OF INCOME TAX Vs. MURPHY INDIA LIMITED

JUDGEMENT

(1.) IN this reference, the question referred to us by the Tribunal is as under :

(2.) THUS , in the orders of the ITO, AAC and the Tribunal from which this reference ultimately came to the High Court, the question being canvassed was whether the assessee company can be regarded as a company in which the public are substantially interested ? The question involves the proper construction and application of the provisions contained in S. 2(18) as the statutory provisions stood for the asst. yrs. 1970 71 and 1972 73.

(3.) IN making the reference, it would appear that only a very limited question has been referred to the High Court and the answer to be given to that question would seem to depend only on the applicability of the first of the three conditions.