SAROJA RAVINDRAN Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THE question which has been referred at the instance of the assessee reads as follows:

(2.) THE assessee in her wealth-tax assessment for the assessment year 1975-76 claimed exemption from tax with reference to agricultural lands, residential house and 12-year National Defence Certificates and 10-year Defense Deposit Certificates held by her of the total value of Rs. 50,000. THEse certificates were purchased by the assessee on March 31, 1964, and March 2, 1968, respectively. THE assessee had also claimed exemption from tax to the extent of Rs. 1,50,000 out of the value of shares held by her in various limited companies and deposits in banks. THE Wealth-tax Officer rejected the assessees claim for exemption of the value of the 12-year National Defence Certificates and 10-year Defence Deposit Certificates, though admittedly, these were held by the assessee from a date prior to March 1, 1970.