9911796707
TMI Blog1982 (2) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 amount was exempted under the provisions of cl. (xix) of sub-s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 material portion of cl. (h) of s. 2, which defines the term " compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 exemption contained in s. 5(1)(xix) of the said Act. The only contentio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, namely, W.T. Act, 1957. If there is an anomaly, as is contended by Mr. Mehta, it is for the Legislature and not the court to remedy the same. Merely because the said Corporation has been recognised as a company for the purposes of the Indian I.T. Act, 1922, we cannot assume, as is contended, that it should also be recognised as a company for the purposes of the said Act. In the result, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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