Interpretation of expression "Initial issue of equity share capital" used in clause (xx) of sub-section (1)

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..... on (1) of section 5, as amended by the Finance (No. 2) Act, 1971. Prior to this amendment, the value of any equity shares, held by the assessee in any company of the type referred to in clause ( d ) of section 45, i.e., a company established with the object of carrying on an industrial undertaking in India where such shares formed part of the initial issue of equity share capital made by the com .....

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..... r clause ( xx ) of sub-section (1) of section 5, irrespective of whether such shares are actually subscribed for before or after that date. 3. It may be added here that in terms of clause ( xxiii ) of sub-section (1), read with sub-section (1A) of section 5, shares in any Indian company which are not entitled to the exemption referred to in the said clause ( xx ) will be included in the categ .....

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