1986 (12) TMI 72 - AT - Wealth-tax

Summary

The appeal was against the denial of exemption under section 5(1)(xxiii) of the Wealth-tax Act for the remittance of Rs. 6 lakhs for allotment of shares. The Tribunal upheld the denial, stating that share application money cannot be equated with shares applied for and allotted after the valuation date. The appeal was dismissed.