https://www.taxtmi.com/caselaws?id=24401 The court held that the National Defence Certificates and Defence Deposit Certificates were not entitled to exemption beyond the specified limit under the Wealth-tax Act, 1957. The court rejected the assessee's argument that each asset in clause (xvi) was independently entitled to exemption and emphasized that the proviso applied only when the combined value of assets in specified clauses exceeded Rs. 1,50,000. Previous decisions by various High Courts supported this interpretation. Consequently, the judgment favored the Revenue, requiring the assessee to pay costs and counsel's fee. en-us Wed, 17 Feb 1988 00:00:00 +0530 Tue, 19 Jan 2010 17:04:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24401 The court held that the National Defence Certificates and Defence Deposit Certificates were not entitled to exemption beyond the specified limit under the Wealth-tax Act, 1957. The court rejected the assessee's argument that each asset in clause (xvi) was independently entitled to exemption and emphasized that the proviso applied only when the combined value of assets in specified clauses exceeded Rs. 1,50,000. Previous decisions by various High Courts supported this interpretation. Consequently, the judgment favored the Revenue, requiring the assessee to pay costs and counsel's fee. Case-Laws Wealth-tax Wed, 17 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24401