https://www.taxtmi.com/caselaws?id=6824 The High Court held that an existing company established in 1924 was not entitled to a tax holiday under section 45(d) of the Wealth-tax Act, 1957 for a new unit set up in 1955. The Court ruled that the company could have sought exemption under section 5(1)(xxi) if the unit was established after the Act's commencement, but as it was not, section 45(d) did not apply. Emphasizing the need to interpret statutes based on clear language, the Court denied the company's claim for the tax holiday, stating that legislative intent must be derived from the statutory text alone. en-us Tue, 28 Mar 1967 00:00:00 +0530 Mon, 02 Feb 2009 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6824 The High Court held that an existing company established in 1924 was not entitled to a tax holiday under section 45(d) of the Wealth-tax Act, 1957 for a new unit set up in 1955. The Court ruled that the company could have sought exemption under section 5(1)(xxi) if the unit was established after the Act's commencement, but as it was not, section 45(d) did not apply. Emphasizing the need to interpret statutes based on clear language, the Court denied the company's claim for the tax holiday, stating that legislative intent must be derived from the statutory text alone. Case-Laws Wealth-tax Tue, 28 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6824