https://www.taxtmi.com/caselaws?id=15940 Units of the Unit Trust of India were treated as exempt from wealth-tax where the special non obstante provision in the Unit Trust of India Act overrode the general conditions in the Wealth-tax Act. Although section 5(3) of the Wealth-tax Act ordinarily required the assets to be held for at least six months ending with the valuation date, section 32(1)(ba) of the Unit Trust of India Act expressly provided that wealth-tax was not payable on units up to the prescribed monetary limit. Because the units fell within that limit, the six-month holding requirement did not prevent exemption. en-us Tue, 03 Feb 1998 00:00:00 +0530 Mon, 31 Aug 2009 11:04:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15940 Units of the Unit Trust of India were treated as exempt from wealth-tax where the special non obstante provision in the Unit Trust of India Act overrode the general conditions in the Wealth-tax Act. Although section 5(3) of the Wealth-tax Act ordinarily required the assets to be held for at least six months ending with the valuation date, section 32(1)(ba) of the Unit Trust of India Act expressly provided that wealth-tax was not payable on units up to the prescribed monetary limit. Because the units fell within that limit, the six-month holding requirement did not prevent exemption. Case-Laws Wealth-tax Tue, 03 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15940