https://www.taxtmi.com/caselaws?id=62821 The Tribunal upheld the denial of exemption under sec. 5(1)(xxa) of the Wealth-tax Act for the appellant's shareholding in M/s. Narendra Explosives Ltd. The Tribunal found that NEL did not meet the main object requirement and had subscribed capital before the specified date, making it ineligible for exemption. Despite differing reasons given by the assessing officer and the AAC, the Tribunal dismissed the appeals, affirming the decision to deny exemption to the appellant. The Tribunal's order would set a precedent for similar appeals in other cases referenced in the judgment. en-us Fri, 06 Feb 1987 00:00:00 +0530 Fri, 21 Jan 2011 18:59:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62821 The Tribunal upheld the denial of exemption under sec. 5(1)(xxa) of the Wealth-tax Act for the appellant's shareholding in M/s. Narendra Explosives Ltd. The Tribunal found that NEL did not meet the main object requirement and had subscribed capital before the specified date, making it ineligible for exemption. Despite differing reasons given by the assessing officer and the AAC, the Tribunal dismissed the appeals, affirming the decision to deny exemption to the appellant. The Tribunal's order would set a precedent for similar appeals in other cases referenced in the judgment. Case-Laws Wealth-tax Fri, 06 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62821