https://www.taxtmi.com/caselaws?id=12459 The court held that the petitioner trust is eligible for exemption under section 5(1)(i) of the Wealth-tax Act, 1957. The Commissioner of Wealth-tax's decision was overturned, affirming that the trust met the necessary conditions for exemption. The court emphasized that investments must actively generate income to fall under section 13(2)(h) of the Income-tax Act, rejecting the argument that mere holding of shares constitutes continued investment. The judgment clarified that exemptions under the Income-tax Act should extend to the Wealth-tax Act if statutory requirements are fulfilled. en-us Wed, 10 Apr 2002 00:00:00 +0530 Thu, 25 Feb 2010 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12459 The court held that the petitioner trust is eligible for exemption under section 5(1)(i) of the Wealth-tax Act, 1957. The Commissioner of Wealth-tax's decision was overturned, affirming that the trust met the necessary conditions for exemption. The court emphasized that investments must actively generate income to fall under section 13(2)(h) of the Income-tax Act, rejecting the argument that mere holding of shares constitutes continued investment. The judgment clarified that exemptions under the Income-tax Act should extend to the Wealth-tax Act if statutory requirements are fulfilled. Case-Laws Income Tax Wed, 10 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12459