Exemption u/s.5(1)(xvii) of W.T.Act would not be available in respect of the amount of provident fund retained with the Government by an assessee subsequent to his retirement.
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Wealth tax exemption for provident fund retained with government after retirement disallowed; prior granted cases not reopened. Exemption under section 5(1)(xvii) of the Wealth-tax Act is not available for provident fund amounts retained with the Government after retirement; pending assessments must be completed accordingly, but assessments in which the exemption was previously allowed pursuant to the withdrawn circular should not be reopened or rectified.
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.
Wealth tax exemption for provident fund retained with government after retirement disallowed; prior granted cases not reopened.
Exemption under section 5(1)(xvii) of the Wealth-tax Act is not available for provident fund amounts retained with the Government after retirement; pending assessments must be completed accordingly, but assessments in which the exemption was previously allowed pursuant to the withdrawn circular should not be reopened or rectified.
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