https://www.taxtmi.com/caselaws?id=28898 The High Court interpreted s. 5(1A) of the Wealth Tax Act, 1957, holding that the exemption limit of Rs. 1,50,000 applies uniformly to all assets, including those under specific clauses (xv) and (xvi). The proviso allows for raising the limit only if the value of assets under these clauses exceeds Rs. 1,50,000 and were owned before March 1, 1970. The court ruled against the assessee, affirming the Commissioner's decision and Tribunal's view, emphasizing legislative intent to protect assessees with previously exempted assets. en-us Wed, 12 Aug 1981 00:00:00 +0530 Mon, 08 Mar 2010 15:03:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28898 The High Court interpreted s. 5(1A) of the Wealth Tax Act, 1957, holding that the exemption limit of Rs. 1,50,000 applies uniformly to all assets, including those under specific clauses (xv) and (xvi). The proviso allows for raising the limit only if the value of assets under these clauses exceeds Rs. 1,50,000 and were owned before March 1, 1970. The court ruled against the assessee, affirming the Commissioner's decision and Tribunal's view, emphasizing legislative intent to protect assessees with previously exempted assets. Case-Laws Wealth-tax Wed, 12 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28898