1994 (2) TMI 1

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....einafter "the Act"), in favour of the Department. On being satisfied that the questions answered by it raise a substantial question of law of general importance on which a pronouncement by this court is necessary, it certified the cases as fit for appeal to this court on prayer being made by counsel for the assessee. The question referred to the High Court read as follows : " Whether, on the facts and in the circumstances of the case and on the interpretation of section 5(1A) of the Wealth-tax Act, 1957, the Appellate Tribunal is right in law in holding that the assessee is entitled to exemption of Rs. 70,000 invested by her in National Defence Certificates and Defence Deposit Certificates in addition to the overall exemption of Rs. 1....

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.... (Cumulative Time Deposits) Rules, 1959], to the extent the value thereof exceeds, in the aggregate, a sum of one hundred and fifty thousand rupees : Provided that where the assets include any assets referred to in clause (xv) or clause (xvi) [not being deposits under the Post Office Savings Bank (Cumulative Time Deposits) Rules, 19591, which have been held by the assessee continuously from a date prior to the first day of March, 1970, and the value of assets so included exceeds the limit of one hundred and fifty thousand rupees by any amount, such limit shall be raised by the said amount." (emphasis supplied). The Department's case is that, as the assets referred to in the main provision of, sub-section (1A) exceeded in the cases at ....