https://www.taxtmi.com/caselaws?id=37815 The High Court of Kerala ruled against the assessees, denying their claims for additional exemptions under s. 5(1A) of the Wealth Tax Act, 1957 for investments in National Defence Certificates and Defence Deposit Certificates. The court emphasized strict adherence to the statutory language, rejecting any interpretation based on legislative intent. The judgment clarified that exemption limits could only be increased by the amount of excess assets held prior to March 1, 1970, as specified in the proviso of s. 5(1A). The decision serves as a precedent for interpreting exemption limits under the Act. en-us Tue, 21 Feb 1978 00:00:00 +0530 Wed, 06 Jun 2018 18:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37815 The High Court of Kerala ruled against the assessees, denying their claims for additional exemptions under s. 5(1A) of the Wealth Tax Act, 1957 for investments in National Defence Certificates and Defence Deposit Certificates. The court emphasized strict adherence to the statutory language, rejecting any interpretation based on legislative intent. The judgment clarified that exemption limits could only be increased by the amount of excess assets held prior to March 1, 1970, as specified in the proviso of s. 5(1A). The decision serves as a precedent for interpreting exemption limits under the Act. Case-Laws Wealth-tax Tue, 21 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37815