https://www.taxtmi.com/caselaws?id=56948 The ITAT upheld the AAC's decision in three wealth-tax appeals, ruling in favor of the assessee regarding exemption on investment in Post Office National Defence Certificates. The judgment clarified the interpretation of the proviso to section 5(1A) of the Wealth-tax Act, emphasizing adherence to statutory language and legislative intent. The ITAT deemed the revenue's interpretation unreasonable, aligning with the Madras Bench and Kerala HC's view. It highlighted that the investment should not exceed prescribed limits for each type before the proviso applies, ultimately dismissing the revenue's appeals and supporting the assessee's claim for exemption. en-us Sat, 26 Feb 1983 00:00:00 +0530 Tue, 07 Dec 2010 14:57:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56948 The ITAT upheld the AAC's decision in three wealth-tax appeals, ruling in favor of the assessee regarding exemption on investment in Post Office National Defence Certificates. The judgment clarified the interpretation of the proviso to section 5(1A) of the Wealth-tax Act, emphasizing adherence to statutory language and legislative intent. The ITAT deemed the revenue's interpretation unreasonable, aligning with the Madras Bench and Kerala HC's view. It highlighted that the investment should not exceed prescribed limits for each type before the proviso applies, ultimately dismissing the revenue's appeals and supporting the assessee's claim for exemption. Case-Laws Wealth-tax Sat, 26 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56948