" 574 The Explanation provided: "For the purpose of this sub section , 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 the previous year beneficially held by, the public (not including a company to which the provi sions of this sub section apply) and if any such shares have in the course of such previ ous year been the subject of dealings in any stock exchange in the taxable territories or are in fact freely transferable by the holders to other members of the public." The only question that has engaged the attention of the Tribunal and the High Court at the instance of the respec tive parties is as to whether the shares were freely trans ferable by the holders to other members of the public in the course of the previous year.