1986 (3) TMI 102

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....ssessee for exemption under section 5(1)(xviia) of the Wealth-tax Act, 1957 ('the Act'). 2. The assessees are inter-related HUFs having shares in certain coffee estates. The kartas of the assessees' families had made contributions to the public provident fund. It was claimed that such contributions were exempt from wealth-tax under section 5(1)(xiia). While the WTO simply ignored the claim the ....

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....es are entitled to succeed. We may now set out the relevant provisions of the statute : "5. Exemption in respect of certain assets. - (1) Subject to the provisions of sub-section (1A) wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee- (i) to (xvii) ** ** ** (xviia) the amount standing ....

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....vii) where the amounts at credit in employees' provident fund is exempt only if the assessee is a salaried employee. In contrast, in the present clause (xviia) there are no words classifying the assessee for being eligible for exemption. The words merely describe the amount which is eligible for exemption as the amounts standing to the credit of an individual. In this context we have to appreciate....