https://www.taxtmi.com/caselaws?id=18279 The court ruled against the assessees, stating that shares acquired after the initial issue did not qualify for exemption under section 5(1)(xx) of the Wealth-tax Act. The judgment emphasized the importance of shares being part of the initial share issue to meet the exemption criteria. It clarified that subsequent share capital increases, even if authorized by the company, do not fall under the exemption provision. The decision highlighted the distinction between the initial share issue and subsequent share allotments, ultimately denying the exemption for shares acquired after the initial issuance. en-us Mon, 08 Jul 1996 00:00:00 +0530 Tue, 29 Sep 2009 18:26:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18279 The court ruled against the assessees, stating that shares acquired after the initial issue did not qualify for exemption under section 5(1)(xx) of the Wealth-tax Act. The judgment emphasized the importance of shares being part of the initial share issue to meet the exemption criteria. It clarified that subsequent share capital increases, even if authorized by the company, do not fall under the exemption provision. The decision highlighted the distinction between the initial share issue and subsequent share allotments, ultimately denying the exemption for shares acquired after the initial issuance. Case-Laws Wealth-tax Mon, 08 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18279