https://www.taxtmi.com/caselaws?id=56381 The ITAT upheld the CWT(A)'s decision to grant exemption under s. 5(1)(xxa) to the assessee for eligible shares worth Rs. 10,11,686, despite the Revenue's challenge. The tribunal clarified that the exemption is available to both dealers and investors if conditions are met, emphasizing that the exemption is linked to the initial share issue by priority sector companies. It was highlighted that subsequent buyers of qualifying shares can also benefit from the exemption for the remaining qualifying period. The ITAT supported the CWT(A)'s decision and dismissed the Revenue's appeal, affirming the assessee's entitlement to the exemption for the shares. en-us Thu, 18 Jan 1990 00:00:00 +0530 Fri, 03 Dec 2010 13:21:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56381 The ITAT upheld the CWT(A)'s decision to grant exemption under s. 5(1)(xxa) to the assessee for eligible shares worth Rs. 10,11,686, despite the Revenue's challenge. The tribunal clarified that the exemption is available to both dealers and investors if conditions are met, emphasizing that the exemption is linked to the initial share issue by priority sector companies. It was highlighted that subsequent buyers of qualifying shares can also benefit from the exemption for the remaining qualifying period. The ITAT supported the CWT(A)'s decision and dismissed the Revenue's appeal, affirming the assessee's entitlement to the exemption for the shares. Case-Laws Wealth-tax Thu, 18 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56381