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N.PACHUAU, R.V.EASWAR
Mahendra Singh – Appellant
Versus
Wealth-tax Officer – Respondent
Per Shri R.V. Easwer, JM - This order will dispose of 10 appeals. In all the 10 appeals the only point involved is whether the assessee’s are entitled to the exemption under section 5(1)(xvia) of the Wealth-tax Act in respect of National Defence Gold Bonds. 1980, for the assessment years 1987-88 and 1988-89.
2. The objection of the department to granting the exemption is that the bonds have matured on 27-10-1980 and thereafter the Reserve Bank of India holds the gold in trust for the assessee and, therefore, the character of the Bonds as Bonds has ceased and the value of the gold has to be included in the assessments. The other minor objection raised by the department is based on the decision of the Supreme Court in McDowell & Co. Ltd. v. CTO [1985]
3. The objection of the department cannot be upheld in view of the provisions of the Public Debt Act, 1944 and the Negotiable Instrument Act, 1881. We shall advert to those provisions a little later after noticing the preliminary objection of the Ld. D.R. before us. He submitted that the issue is decided against the assessee by two decisions of the Tribunal - (1) Executors & Trustees of the Estate of Late Shri R. G. Sa
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