https://www.taxtmi.com/caselaws?id=66612 The Income Tax Appellate Tribunal (ITAT) dismissed the department's appeals, upholding that the assessees were entitled to exemption under section 5(1)(xxa) of the Wealth-tax Act. The ITAT determined that the assessees rightfully held the shares from the purchase date, considering them shareholders once the decision on issued share capital was made, regardless of the public subscription prospectus date. The distinction between the creation of share capital and the allotment of shares was crucial in establishing the assessees' eligibility for exemption. en-us Tue, 30 Sep 1986 00:00:00 +0530 Sat, 05 Mar 2011 11:22:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66612 The Income Tax Appellate Tribunal (ITAT) dismissed the department's appeals, upholding that the assessees were entitled to exemption under section 5(1)(xxa) of the Wealth-tax Act. The ITAT determined that the assessees rightfully held the shares from the purchase date, considering them shareholders once the decision on issued share capital was made, regardless of the public subscription prospectus date. The distinction between the creation of share capital and the allotment of shares was crucial in establishing the assessees' eligibility for exemption. Case-Laws Wealth-tax Tue, 30 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66612