As per Section 2(36A) of Income Tax Act, 1961, unless the context otherwise requires, the term “public sector company” means any corporation established by or under any Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956. [currently Section 2(45) of the Companies Act, 2013]
As per Section 2(45) of the Companies Act 2013, the term “Government Company” means ‘any company in which not less than fifty-one percent of the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments, and includes a company which is a subsidiary company of such a Government company.
Different Definitions under Income Tax relating to Companies:
Section 2(18): Substantial Interest of Public in Company
Section 2(22A)/ 2(23A) Income Tax: Domestic/ Foreign Company – Meaning
Section 2(32): Substantial Interest of Person in Company