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2003 (1) TMI 72 - DELHI HIGH COURTWhether the Tribunal was right in holding that the assessee's case was clearly covered by the second proviso to section 21A of the Act, as its shareholding in the two companies did not exceed 5 per cent. of the capital of each of the companies? - we feel that apart from the question of valuation of shares, the only other issue, which was raised and considered by the Tribunal was whether the investment of the assessee-trust in the aforenoted two companies exceeded 5 per cent. of the respective share capital of the two companies or not. In the light of the averments on this aspect the Tribunal recorded the finding that the investment by the trust in each of the concerns did not exceed 5 per cent. of their respective capitals and, therefore, the second proviso to section 21A of the Act was clearly attracted in the case of the assessee-trust. Obviously, this is a pure finding of fact.
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