1982 (6) TMI 66

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....es, deposits in banks and other assets. The assessee's wealth also includes movable and immovable assets. For the assessment year in question the assessee has claimed exemption under s. 5(1)(xxiii) of the WT Act in respect of shares held under the said trusts. The WTO rejected this claim on the ground that the shares are not held by the assessee but the trustees. 2. The AAC has, however, allowe....

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.... judicial decision and therefore no question of applying its principle or ratio the another sub-section arises. The circular must be confined to s. 5(1)(iv). 4. Now, it is entirely true that under s. 5(1)(xxiii) r/w ss. 3 and 2(m) of the WT Act the shares of which the exemption is claimed should be owned by the assessee. It is also true that the legal ownership of the shares is in the trustees ....

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....sen only because the legal ownership of the charge has been taken into account. Ownership can also be beneficial ownership and there seems to be no reason why s. 5(1)(xxiii)should be taken to apply to the legal ownership. Here it applied to a case of beneficial ownership. After all it is beneficial ownership of the shares in this case which is the subject matter of liability to tax. This means tha....