9911796707
TMI Blog1998 (10) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case and in view of the Tribunal's Hyderabad Bench 'A' decision in the case of J.E. Chenoy Charitable Trust in WTA Nos. 89 to 93 (HYD) of 1983, it is submitted that your Appellant is entitled for exemption in respect of the shares held on valuation date." 2. The assessee held shares in Indian Companies and the WTO observed that s. 21-A was applicable to it. Before him it was contended t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal for the subsequent assessment years in the assessee's case has followed its decision in the case of J.E. Chenoy where the Tribunal while holding that the benefit of s. 5(1)(xxiii) is available to the assessee has observed that the assessee is not entitled to exemption under s. 5(1)(i). Now the charging part of s. 21 states "but without excluding the value of any asset under sub-s. (1) of s. 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, the Tribunal's decision in the case of J.E. Chenoy is against the clear provisions of the statute. However, only for the sake of consistency with the Tribunal's order for the subsequent assessment year particularly because it is in the case of this very assessee, we hold that the assessee is entitled to exemption under s. 5(1)(xxiii). The appeal is allowed. - - TaxTMI - TMITax - Weal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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