Law:

Section:

Section 5(1)(xvia) [omitted by the Finance Act, 1992] of the Wealth-tax Act, 1957 - Exemptions - Gold Bonds - Assessment years 1981-82 to 1983-84 - In 1965, Union of India had issued National Defence Gold Bonds, 1980 - Said bonds were to be issued in exchange of gold, gold coins and gold ornaments by Government - All gold, which Government was to receive from citizens, was to be returned to them after 15 years - Government also promised that a sum of Rs. 2 per 10 gms. of refined gold would be paid to bearer of Gold Bond every year - Date of return of gold was 27-10-1980 - Assessee subscribed to gold bond and even after date of maturity of gold bond did not offer his gold bond to Government for getting his gold back - Lower authorities disallowed assessee's claim for exemption under section 5(1)(xvia) in respect of gold bond held by him for assessment years 1981-82 to 1983-84 holding that after 27-10-1980 gold bond had not retained its…

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