https://www.taxtmi.com/caselaws?id=10271 The Tribunal upheld the Commissioner of Wealth-tax (Appeals) findings, allowing exemption under section 5(1)(xxa) of the Wealth-tax Act for shares held by the assessee, emphasizing that being a dealer does not preclude exemption eligibility. The Tribunal clarified that the exemption applies to shares issued by specified companies in the priority sector, irrespective of direct purchase or being the first owner. The shares qualified for exemption under section 5(1) criteria, and the Tribunal rejected the Assessing Officer's argument on section 7's applicability, ruling in favor of the assessee and against the Revenue. en-us Thu, 02 Dec 2004 00:00:00 +0530 Sun, 12 Jul 2009 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10271 The Tribunal upheld the Commissioner of Wealth-tax (Appeals) findings, allowing exemption under section 5(1)(xxa) of the Wealth-tax Act for shares held by the assessee, emphasizing that being a dealer does not preclude exemption eligibility. The Tribunal clarified that the exemption applies to shares issued by specified companies in the priority sector, irrespective of direct purchase or being the first owner. The shares qualified for exemption under section 5(1) criteria, and the Tribunal rejected the Assessing Officer's argument on section 7's applicability, ruling in favor of the assessee and against the Revenue. Case-Laws Wealth-tax Thu, 02 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10271