Procedure for obtaining certificate of exemption under clause (xxa) of sub-section (1) in respect of equity shares held in certain companies

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..... brought to the notice of the Board that various assessing/appellate authorities insist on the production of a certificate from the Board through the company in order to get exemptions under section 5(1)(xxa). 2. In this regard, your attention is invited to the Board's Circular No. 69 [F. No. 1/10/68-WT], dated 18-11-1971 [Annex] which sets out a procedure whereby the company applies and the Tax O .....

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..... lue of any equity shares held by the assessees in any company of the type referred to in clause (d) of section 45, where such shares form part of the initial issue of equity share capital made by the company after the 31st March, 1964, for a period of the five successive assessment years commencing with the assessment year next following the date on which such company commences the operations for .....

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..... oard have also decided that an application for the issue of certificate be submitted by the company to the Income-tax Officer assessing it in the form as per Annexure "A" (not attached). The form in which the certificate would be issued by the Income-tax Officer/Wealth-tax Officer to the company is specified as per enclosed Annexure "B" (not attached). Annex 'X' - Application for issue of certifi .....

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..... ssue : (a) Initial issue of equity shares (b) Others 5. Date of issue of initial issue of equity share capital 6. Date of commencement of the operation of the company for which it has been established 7. Whether the company manufactures or produces the item(s) specified in the Ninth Schedule to the Income-tax Act, 1961 8. Miscellaneous information Declaration I hereby declare that to the .....

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..... section 5(1)(xxa) read with section 45(d) of the Wealth-tax Act, 1957, in the hands of the respective shareholders. The company has issued the shares on (date) ...................... and the exemption is allowable only for the assessment years 20........... 20........... which are the ................ assessment years subsequent to the commencement of the operations for which the aforesaid compan .....

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