Exemption for initial equity shares - company-applied certificate enables shareholders to claim wealth-tax exemption for specified assessment years. Where initial-issue equity shares meet the statutory conditions, the issuing company may apply to the Income-tax-cum-Wealth-tax Officer for a certificate declaring the value of such shares exempt in the hands of shareholders; the application must provide prescribed particulars and a declaration by the principal officer. The Officer issues a certificate in a prescribed form specifying the assessment years for which the exemption applies, and the company must furnish copies to shareholders for production to their assessing officers to claim the exemption.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption for initial equity shares - company-applied certificate enables shareholders to claim wealth-tax exemption for specified assessment years.
Where initial-issue equity shares meet the statutory conditions, the issuing company may apply to the Income-tax-cum-Wealth-tax Officer for a certificate declaring the value of such shares exempt in the hands of shareholders; the application must provide prescribed particulars and a declaration by the principal officer. The Officer issues a certificate in a prescribed form specifying the assessment years for which the exemption applies, and the company must furnish copies to shareholders for production to their assessing officers to claim the exemption.
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