https://www.taxtmi.com/caselaws?id=22300 Zamindari Abolition Compensation Bonds and Rehabilitation Grant Bonds issued by Uttar Pradesh were treated as State Government securities for wealth-tax exemption purposes. The bonds were issued as promissory notes through the Public Debt Office and the governing debt rules treated them as Government securities for redemption and payment, bringing them within the broader meaning of "security" under the Wealth-tax Act exemption for Central or State Government securities. The analysis also applied the settled rule that any reasonable ambiguity in a taxing exemption should be construed in favour of the assessee, supporting exclusion of the bonds from net wealth. en-us Fri, 03 May 1991 00:00:00 +0530 Wed, 09 Dec 2009 10:50:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22300 Zamindari Abolition Compensation Bonds and Rehabilitation Grant Bonds issued by Uttar Pradesh were treated as State Government securities for wealth-tax exemption purposes. The bonds were issued as promissory notes through the Public Debt Office and the governing debt rules treated them as Government securities for redemption and payment, bringing them within the broader meaning of "security" under the Wealth-tax Act exemption for Central or State Government securities. The analysis also applied the settled rule that any reasonable ambiguity in a taxing exemption should be construed in favour of the assessee, supporting exclusion of the bonds from net wealth. Case-Laws Wealth-tax Fri, 03 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22300