https://www.taxtmi.com/caselaws?id=29340 Section 5(1)(xix) of the Wealth-tax Act exempted only shares held by an assessee-company in another company. A corporation formed under a State Act counted as a "company" only if the Central Government had declared it so under the Wealth-tax Act; a declaration made under the Indian Income-tax Act, 1922 did not extend to this Act. As the Bombay State Financial Corporation had not been so declared, its shares were not exempt from net wealth. The court also noted that any apparent anomaly could not be cured by interpretation, and the assessee's claim failed. en-us Mon, 01 Feb 1982 00:00:00 +0530 Fri, 12 Mar 2010 12:42:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29340 Section 5(1)(xix) of the Wealth-tax Act exempted only shares held by an assessee-company in another company. A corporation formed under a State Act counted as a "company" only if the Central Government had declared it so under the Wealth-tax Act; a declaration made under the Indian Income-tax Act, 1922 did not extend to this Act. As the Bombay State Financial Corporation had not been so declared, its shares were not exempt from net wealth. The court also noted that any apparent anomaly could not be cured by interpretation, and the assessee's claim failed. Case-Laws Wealth-tax Mon, 01 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29340