1986 (12) TMI 72

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.... passed by the AAC, 'O' Range, New Delhi dismissing the assessee's appeal in respect of addition of Rs. 6 lakhs made in the assessment framed on 19-10-1982 under section 16(3) of the Wealth-tax Act, 1957 ('the Act') in respect of the assessment year 1978-79, for which the valuation date was 31-3-1978. The question is whether the assessee was rightly denied exemption under section 5(1)(xxiii) of th....

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....f the assessee-- (xxiii) any shares not being shares referred to in clause (xx) or clause (xxa) in any Indian company where the assessee is an individual or a Hindu undivided family ;" 4. From a plain reading of the above, it is clear that the mandate of the provision is that exemption would be available in respect of shares. The assessee's case has been that share application money should b....