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TMI Blog2003 (12) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... section 21A(iii) which was brought into effect from April 1, 1985?" - It is no doubt true that section 21A(iii) of the Wealth-tax Act, which came into force on April 1, 1985, provides that if any funds of the trust are invested or deposited, or any shares in a company are held by the trust in contravention of the provisions of clause (d) of sub-section (1) of section 13 of the Income-tax Act, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on has been referred to us for consideration: "Whether the Tribunal was right in holding that the assessee-trust is exempt from wealth-tax under section 5(1) of the Wealth-tax Act without considering the provisions of section 21A(iii) which was brought into effect from April 1, 1985?" It is no doubt true that section 21A(iii) of the Wealth-tax Act, which came into force on April 1, 1985, provide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, as the time for disinvesting from such investments and making investments in accordance with the requirements of section 13 of the Income-tax Act had been extended by the Finance (No. 2) Act, 1991, read with the Finance Act, 1992, up to March 31, 1993, and that amendment had also been given retrospective effect from April 1, 1983. This court has, in a case under the Income-tax Act, referred ..... X X X X Extracts X X X X X X X X Extracts X X X X
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