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of <h1>Wealth-tax Act: Equity Shares Exemption Valid Despite Ninth Schedule Omission; Assessing Officers to Honor Claims.</h1> Section 5(1)(xxa) of the Wealth-tax Act, 1957, grants an exemption from wealth tax for the value of equity shares in certain companies, provided these shares are part of the initial issue after February 28, 1975, for five assessment years. Despite the Ninth Schedule's omission from the Income-tax Act, 1961, effective April 1, 1988, the Law Ministry advises that this does not impact the exemption's validity under the Wealth-tax Act. The Ninth Schedule can still be considered for this purpose, and Assessing Officers should process claims under this section accordingly.
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