https://www.taxtmi.com/caselaws?id=62823 The Tribunal upheld the denial of exemption under sec. 5(1)(xxa) of the Wealth-tax Act for the appellant's shares in M/s. Narendra Explosives Ltd. The company's history and capital structure did not align with the requirements specified in the Act, as it was not formed with the main object of manufacturing specified articles and the capital subscriptions did not meet exemption criteria. Despite alterations to the Memorandum of Association, the company failed to satisfy the conditions of sec. 45(d) and clause (xxa) of sec. 5(1), leading to the rejection of the exemption claim. en-us Fri, 06 Feb 1987 00:00:00 +0530 Sat, 22 Jan 2011 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62823 The Tribunal upheld the denial of exemption under sec. 5(1)(xxa) of the Wealth-tax Act for the appellant's shares in M/s. Narendra Explosives Ltd. The company's history and capital structure did not align with the requirements specified in the Act, as it was not formed with the main object of manufacturing specified articles and the capital subscriptions did not meet exemption criteria. Despite alterations to the Memorandum of Association, the company failed to satisfy the conditions of sec. 45(d) and clause (xxa) of sec. 5(1), leading to the rejection of the exemption claim. Case-Laws Wealth-tax Fri, 06 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62823