Thank you.
Please find below the Input XML file , Required Output XML file and the
XSLT I had developed.

...
You can start with the generic copy-through template
and define templates for lements you want to get rid
of as no-ops:

<?xml version="1.0" encoding="ISO-8859-1"?>
<xsl:stylesheet version="1.0"
  xmlns:xsl="http://www.w3.org/1999/XSL/Transform">
  <xsl:output type="xml"/>
  <xsl:template match="node()|@*">
    <xsl:copy>
      <xsl:apply-templates select="node()|@*"/>
    </xsl:copy>
  </xsl:template>
  <xsl:template match="country"/>
  <xsl:template match="company"/>
  <xsl:template match="price"/>
  <xsl:template match="year"/>
</xsl:stylesheet>

I don't have an exclusive processor , I am viewing the output in
Internet explorer 5.5.

That'd be a problem, because the browser will interpret
the generated XML as HTML.