Section 23 A before its amendment in 1955, in? so far as it is material read as follows: "23A. Power to assess individual members of certain companies. (1) Where the Income tax Officer is satisfied that in respect of any previous year the profits and gains distributed as dividends by any company up to the end of the sixth month after its accounts for that previous year are laid before the company in general meeting are less than sixty per cent of the assessable income of the company of that previous year, as reduced by the amount of income tax and super tax payable by the company in respect thereof he shall, unless he is satisfied that having regard to losses incurred by the company in earlier years or to the smallness of the profit made, the payment of a dividend or a larger dividen d than that declared would be unreasonable, make with the previous approval of the Inspecting Assistant Commissioner an order in writing that the undistributed portion of the assessable income of the company of that previous year as computed for income tax pur poses and reduced by the amount of income tax and super tax payable, by the company in respect thereof shall be deemed to have been distributed as dividends, amongst the shareholders as at the date of the general meeting aforesaid, and 90 thereupon the proportionate share thereof of each shareholder shall be included in the total income of such shareholder for the purpose of assessing his total income: x x x x x x x x Provided further that this subsection shall not apply to any company in which the public are substantially interested or to a subsidiary company of such a company if the whole of ' the share capital of such subsidiary company is held by the parent company or by the nominees thereof Explanation.