https://www.taxtmi.com/caselaws?id=288977 For exemption under Section 45(d) of the Wealth-tax Act, 1957, a company is treated as "established" on the date of its incorporation or registration, not when its factory is completed or production begins. The exemption period therefore runs from the assessment year immediately following registration, and later commencement of business does not extend the tax holiday. Applying that construction, the five-year exemption period was computed from 8 November 1951, so it covered the assessment years 1952-53 to 1956-57 only. The assessment years 1957-58 to 1959-60 were outside the exemption period. en-us Mon, 09 Mar 1964 00:00:00 +0530 Wed, 08 Jul 2020 15:36:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288977 For exemption under Section 45(d) of the Wealth-tax Act, 1957, a company is treated as "established" on the date of its incorporation or registration, not when its factory is completed or production begins. The exemption period therefore runs from the assessment year immediately following registration, and later commencement of business does not extend the tax holiday. Applying that construction, the five-year exemption period was computed from 8 November 1951, so it covered the assessment years 1952-53 to 1956-57 only. The assessment years 1957-58 to 1959-60 were outside the exemption period. Case-Laws Income Tax Mon, 09 Mar 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288977