1982 (2) TMI 51

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....t was delivered by KANIA .-This is a reference under s. 27(1) of the W.T. Act, 1957 (referred to hereinafter as " the said Act ") in respect of the assessment years 1958-59 and 1959-60. The assessee claimed that a sum of. Rs. 14,000 representing the value of the shares in the Bombay State Financial Corporation held by the assessee should be excluded from its net wealth, on the ground that this ....

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....xemption in, respect of the said shares under the provisions of s. 5(1)(xix) of the said Act. It may be mentioned that the charging section under the said Act is s. 3. Section 5 grants certain exemptions. Clause (xix) of sub-s. (1) of s. 5, before its amendment by the Finance Act, 1975, granted exemption in respect of the value of any shares held by an assessee-company in any other company. The ma....

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....the said Corporation has not been declared by the Central Govt. by a general or special order to be a company for the purpose of the said Act. In view of the aforesaid provisions and the fact that the said Corporation has not been declared by the Central Govt. by a general or special order to be a company for the purpose of the said Act, we fail to see how the shares therein could attract the e....