https://www.taxtmi.com/caselaws?id=5445 The Supreme Court upheld the High Court's decision regarding the interpretation of section 5(1A) of the Wealth-tax Act, 1957. The Court held that the exemption limit for assets invested in National Defence Certificates and Defence Deposit Certificates could not exceed Rs. 1,50,000 as per the proviso to sub-section (1A) of section 5. The Court emphasized strict construction of taxation statutes and dismissed arguments about hardships to small depositors. The appeals were dismissed with no order as to costs. en-us Wed, 02 Feb 1994 00:00:00 +0530 Mon, 24 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5445 The Supreme Court upheld the High Court's decision regarding the interpretation of section 5(1A) of the Wealth-tax Act, 1957. The Court held that the exemption limit for assets invested in National Defence Certificates and Defence Deposit Certificates could not exceed Rs. 1,50,000 as per the proviso to sub-section (1A) of section 5. The Court emphasized strict construction of taxation statutes and dismissed arguments about hardships to small depositors. The appeals were dismissed with no order as to costs. Case-Laws Wealth-tax Wed, 02 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5445