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2002 (12) TMI 16 - HC - Wealth-tax"Whether, assessee was entitled to the exemption under section 5(1)(xvia) in respect of the National Defence Gold Bonds, 1980?" - I hold that the Wealth-tax Officer, Assessing Officer and the Tribunal were not right in this behalf and in my view the assessee in this case had by their mere act of not surrendering the gold bonds claimed the exemption. The simple plain and obvious fact is that the State granted exemption in return for the right to retain the gold and when that right was given up in favour of the bond holder it withdraws their right to exemption. In view of the same I answer that the assessee was entitled to the exemption under section 5(1)(xvia) in respect of the National Defence Gold Bonds, 1980
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