https://www.taxtmi.com/caselaws?id=37155 A statutory exemption for deposits with a banking company to which the Banking Regulation Act, 1949 applies was held to extend to a deposit maintained in the Colombo branch of an Indian bank. The court reasoned that the relevant test is whether the deposit is with the same banking company covered by the statute, not the physical location of the branch where it is kept. As the Wealth-tax Act, 1957 contained no express territorial restriction, the foreign location of the deposit did not defeat exemption, and the assessee was entitled to relief under section 5(1)(xxvi). en-us Wed, 22 Nov 1978 00:00:00 +0530 Sat, 27 Mar 2010 10:29:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37155 A statutory exemption for deposits with a banking company to which the Banking Regulation Act, 1949 applies was held to extend to a deposit maintained in the Colombo branch of an Indian bank. The court reasoned that the relevant test is whether the deposit is with the same banking company covered by the statute, not the physical location of the branch where it is kept. As the Wealth-tax Act, 1957 contained no express territorial restriction, the foreign location of the deposit did not defeat exemption, and the assessee was entitled to relief under section 5(1)(xxvi). Case-Laws Wealth-tax Wed, 22 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37155