https://www.taxtmi.com/caselaws?id=66331 Capital investment bonds were treated as eligible for wealth-tax exemption from the date of subscription, because the notification linked relief to ownership from subscription or for the requisite period ending with the valuation date. The clause referring to the date of issue was confined to interest computation and could not be used to deny the exemption. Receipt of the draft and presentation of the application made the subscription effective, so the later actual issuance date was immaterial for the concession. On that basis, withdrawal of the exemption through revisionary orders was not sustainable. en-us Mon, 28 Dec 1987 00:00:00 +0530 Wed, 23 Feb 2011 16:03:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66331 Capital investment bonds were treated as eligible for wealth-tax exemption from the date of subscription, because the notification linked relief to ownership from subscription or for the requisite period ending with the valuation date. The clause referring to the date of issue was confined to interest computation and could not be used to deny the exemption. Receipt of the draft and presentation of the application made the subscription effective, so the later actual issuance date was immaterial for the concession. On that basis, withdrawal of the exemption through revisionary orders was not sustainable. Case-Laws Wealth-tax Mon, 28 Dec 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66331