https://www.taxtmi.com/caselaws?id=63134 The Tribunal upheld the AAC's orders, dismissing Departmental appeals and cross-objections. The assessee trust was found entitled to exemptions under the Wealth Tax Act, despite shares' value falling below taxable limits. The Tribunal ruled that voting power calculations should include both equity and preference shares, determining that prohibited persons did not hold a substantial interest. Shares subject to the Income Tax Act provision were exempt under the Wealth Tax Act. Ultimately, the Tribunal favored the assessee trust, emphasizing correct application of provisions and entitlement to exemptions, leading to the dismissal of Departmental appeals and cross-objections. en-us Tue, 07 Jan 1986 00:00:00 +0530 Fri, 28 Jan 2011 10:10:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63134 The Tribunal upheld the AAC's orders, dismissing Departmental appeals and cross-objections. The assessee trust was found entitled to exemptions under the Wealth Tax Act, despite shares' value falling below taxable limits. The Tribunal ruled that voting power calculations should include both equity and preference shares, determining that prohibited persons did not hold a substantial interest. Shares subject to the Income Tax Act provision were exempt under the Wealth Tax Act. Ultimately, the Tribunal favored the assessee trust, emphasizing correct application of provisions and entitlement to exemptions, leading to the dismissal of Departmental appeals and cross-objections. Case-Laws Wealth-tax Tue, 07 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63134