Six months holding requirement waived: National Deposits Scheme deposits qualify for wealth-tax exemption if continuously held. Deposits in the National Deposits Scheme qualify for the wealth-tax exemption only if held continuously, and as a special concession the usual six-month holding requirement is treated as satisfied where the depositor has continuously held the deposit from the date of subscription until the relevant valuation date, even if that continuous holding is less than six months.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Six months holding requirement waived: National Deposits Scheme deposits qualify for wealth-tax exemption if continuously held.
Deposits in the National Deposits Scheme qualify for the wealth-tax exemption only if held continuously, and as a special concession the usual six-month holding requirement is treated as satisfied where the depositor has continuously held the deposit from the date of subscription until the relevant valuation date, even if that continuous holding is less than six months.
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