Section 17(4)(b) in Estate Duty act, 1953

[Cites 0, Cited by 0] [Section 17(4)] [Section 17] [Entire Act]

Union of India - Subsection

Section 17(4)(b) in Estate Duty act, 1953

(b)a company shall be deemed to be a company in which the public are substantially interested if shares of the company (not being shares entitled to a fixed rate of dividend, whether with or without a further right to participate in profits) carrying not less than twenty five per cent.of the voting power have been allotted unconditionally to, or acquired unconditionally by, and are at the end of year or other period for which the accounts of the company have been made up beneficially held by the public (not including a company to which the provisions of this sub-section apply) and any such shares have.In the course of such year or other period, been the subject of dealings on a recognised stock exchange or are in fact freely transferable by the holders to other members of the public.

(ii)A company shall be deemed to be under the control of not more than five persons, -

Legal Document View

Unlock Advanced Research with PRISMAI

Union of India - Subsection

Section 17(4)(b) in Estate Duty act, 1953