https://www.taxtmi.com/caselaws?id=69415 The Tribunal upheld the Revenue's contention that the assessee-trust's investment in Sundaram Fasteners Ltd. contravened Section 13(2)(h) of the IT Act, leading to the denial of exemption under Section 5(1)(i) of the WT Act. The Tribunal rejected the assessee's interpretation of the term "concern" and agreed with the Revenue's broader interpretation. The Tribunal remanded the issue of the correct valuation of equity shares to the Deputy Commissioner of Wealth Tax for reconsideration, citing the duty of appellate authorities to correct errors and issue appropriate directions for fresh consideration. en-us Mon, 19 Jun 1989 00:00:00 +0530 Wed, 06 Apr 2011 16:26:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69415 The Tribunal upheld the Revenue's contention that the assessee-trust's investment in Sundaram Fasteners Ltd. contravened Section 13(2)(h) of the IT Act, leading to the denial of exemption under Section 5(1)(i) of the WT Act. The Tribunal rejected the assessee's interpretation of the term "concern" and agreed with the Revenue's broader interpretation. The Tribunal remanded the issue of the correct valuation of equity shares to the Deputy Commissioner of Wealth Tax for reconsideration, citing the duty of appellate authorities to correct errors and issue appropriate directions for fresh consideration. Case-Laws Income Tax Mon, 19 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69415