Law:

Section:

Section 5 of the Wealth-tax Act, 1957 Position prior to 1-4-1993 - Exemptions - Assessment years 1970-71 and 1971-72 - Whether net wealth of assessee trust was exempt under section 5(1)(i) in view of Notification No.11 dated 4-1-1949 - Held, yes Circulars and Notifications : Notification No. 11, dated 4-1-1949 Note : The case was decided against the department. CASE REVIEW CIT v. Adarsh Gram Trust[1986] 159 ITR 41 (Raj.)followed and relied upon. CASES REFERRED TO CIT v. Adarsh Gram Trust[1986] 159 ITR 41 (Raj.) B.R. Arora for the Applicant. JUDGMENT J.S. Verma, C.J.-This reference at the instance of the Revenue under section 27(1) of the Wealth-tax Act, 1957, is to answer the following question of law, namely: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the net wealth of the Adarsh Gram Trust is exempt under section 5(1)(i) of the Wealth-tax Act, 1957, in view of the objects mentioned in the Notification No. 11 dated January 4, 1949?" The relevant…

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