https://www.taxtmi.com/caselaws?id=70583 The ITAT Madras-D allowed the appeals of multiple assessees, granting them exemption on their share holdings for assessment years 1973-74 and 1974-75 under sections 5(1)(xxiii) and 5(1A) of the Wealth Tax Act, 1957. The Tribunal held that the assessees were entitled to exemption under section 5(1)(xxiii) read with section 5(1A), rejecting the department's argument that the sections were mutually exclusive. The ITAT favored the interpretation benefiting the assessees and emphasized compliance with the conditions stipulated in the relevant provisions, resulting in relief for the assessees in relation to their share holdings. en-us Fri, 21 Aug 1981 00:00:00 +0530 Mon, 18 Apr 2011 10:45:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70583 The ITAT Madras-D allowed the appeals of multiple assessees, granting them exemption on their share holdings for assessment years 1973-74 and 1974-75 under sections 5(1)(xxiii) and 5(1A) of the Wealth Tax Act, 1957. The Tribunal held that the assessees were entitled to exemption under section 5(1)(xxiii) read with section 5(1A), rejecting the department's argument that the sections were mutually exclusive. The ITAT favored the interpretation benefiting the assessees and emphasized compliance with the conditions stipulated in the relevant provisions, resulting in relief for the assessees in relation to their share holdings. Case-Laws Wealth-tax Fri, 21 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70583