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; ... Summary
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must be completed accordingly, but assessments in which the exemption was previously allowed pursuant to the withdrawn circular should not be reopened or rectified.
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