https://www.taxtmi.com/caselaws?id=28135 The court ruled against the assessee's entitlement to exemption under section 5(1)(xx) of the Wealth-tax Act for the assessment years 1966-67 to 1970-71. The court emphasized the distinction between the issue of share capital and the allotment of shares, rejecting the Tribunal's decision to grant exemption for some shares but not others. It criticized the Tribunal's reliance on balance-sheets and clarified that subsequent allotments do not constitute additional initial issues. The judgment highlights the importance of accurate interpretation and application of tax exemption provisions in the context of corporate share issuances. en-us Thu, 09 Sep 1982 00:00:00 +0530 Fri, 19 Feb 2010 12:09:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28135 The court ruled against the assessee's entitlement to exemption under section 5(1)(xx) of the Wealth-tax Act for the assessment years 1966-67 to 1970-71. The court emphasized the distinction between the issue of share capital and the allotment of shares, rejecting the Tribunal's decision to grant exemption for some shares but not others. It criticized the Tribunal's reliance on balance-sheets and clarified that subsequent allotments do not constitute additional initial issues. The judgment highlights the importance of accurate interpretation and application of tax exemption provisions in the context of corporate share issuances. Case-Laws Wealth-tax Thu, 09 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28135