Appeal partially allowed under Wealth Tax Act, remanded for reevaluation

The ITAT Cochin partially allowed the appeal, overturning the denial of exemption claimed by the assessee under section 5(1)(xx) of the Wealth Tax Act. The case was remanded back to the WTO for reevaluation based on the dividend warrants in the IT assessment and any additional evidence submitted by the assessee.

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The ITAT Cochin allowed the appeal partially, setting aside the denial of exemption claimed by the assessee under section 5(1)(xx) of the Wealth Tax Act. The case was referred back to the WTO for further consideration based on the dividend warrants available in the IT assessment and any additional evidence provided by the assessee.

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