1982 (3) TMI 119

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....-9-1980 relating to the assessment year 1976-77. The issue before us brought by the revenue is whether, on the facts and in the circumstances of the case, the AAC erred in holding that the sum of Rs. 87,870, constituted of provident fund and gratuity, received by the assessee is exempt under section 5 of the Wealth-tax Act, 1957 ("the Act"). For determination of this issue, the relevant facts are ....

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....76/Amty/B.O. No. 980/Pb/305-08 dated 10-6-1976. Both these dates are after the valuation, i.e., 31-3-1976, which is the relevant date for determining the net wealth of the assessee for the purpose of the Act. 4. The assessee filed a return of net wealth on 20-3-1980 declaring net wealth of Rs. 95,000 with a note that a sum of Rs. 87,870 received by him by way of general provident fund and gratu....

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....section (1) of section 5, the amount standing to the credit of an assessee, being a salaried employee, in any provident fund maintained by his employer to which the Provident Fund Act, 1925 applies or which is recognised provident fund within the meaning of clause (38) of section 2 of the Income-tax Act, 1961, is exempt. There is no dispute that this clause is applicable to the case of the assesse....

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....e amounts nor was there any order sanctioning these amounts as on 31-3-1976. Therefore, these amounts were not taxable at all. These were rightly given exemption by the AAC. His order may be upheld. 6. We have given careful considerations to the rival submissions and we are of the opinion that the decision taken by the AAC is fully justified on the facts of the case. Though the assessee retired....