https://www.taxtmi.com/caselaws?id=289435 The exemption for savings certificates under section 5(1)(xvi) of the Wealth-tax Act was confined to certificates actually held by the assessee in his own name. Although the expression "belonging to the assessee" in the definition of net wealth could extend to beneficial ownership, the different wording used in the exemption provision showed a deliberate legislative distinction. Read with the certificate scheme and the limit on individual holdings, certificates standing in nominees' names but beneficially owned by the assessee were not covered by the exemption and remained part of taxable net wealth. en-us Tue, 24 Sep 1963 00:00:00 +0530 Thu, 30 Jul 2020 16:55:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289435 The exemption for savings certificates under section 5(1)(xvi) of the Wealth-tax Act was confined to certificates actually held by the assessee in his own name. Although the expression "belonging to the assessee" in the definition of net wealth could extend to beneficial ownership, the different wording used in the exemption provision showed a deliberate legislative distinction. Read with the certificate scheme and the limit on individual holdings, certificates standing in nominees' names but beneficially owned by the assessee were not covered by the exemption and remained part of taxable net wealth. Case-Laws Wealth-tax Tue, 24 Sep 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289435