Hansaria, J. - (1.) Leave granted in the S.L. Ps. These appeals arise out of judgments of the High Court of Kerala rendered in ITR cases Nos. 28 and 37 of 1976; 30, 60 and 63 of 1977 and 141 of 1979 by which the High Court answered the questions referred to it at the behest of the Department under the provisions of Wealth Tax Act, 1957, hereinafter the 'Act', in favour of the Department. On being satisfied that the questions answered by it raise a substantial question of law of general importance on which a pronouncement by this Court is necessary, it certified the cases as fit for appeal to this Court on prayer being made by the counsel of the assessee.
(2.) The question referred to the High Court read as follows:- "Whether on the facts and in the circumstances of the case and on the interpretation of Section 5(1A) of the Wealth-tax Act, 1957, the Appellate Tribunal is right in law in holding that the assessee is entitled to exemption of Rs. 70,000/- invested by her in National Defence Certificates and Defence Deposit Certificates in addition to the overall exemption of Rs. 1,50,000/- granted to her by the Wealth-tax Officer, under Section 5(1) of the Act."
(3.) The aforesaid was the question which came up for consideration of the High Court in ITR cases 28 and 37 of 1976. Similar questions were subject matter of other cases referred above. The High Court took the view that as investment in National Defence Certificates and Defence Deposit Certificates attracted, on the facts before it, the proviso to sub-section (1A) of Section 5, exemption for the amounts in question (which was Rs. 70,000/- in the aforesaid two cases, and was below Rs. 1,50,000/- in all the cases) could not be granted over and above Rs. 1,50,000/- which was the limit prescribed by the main provision. It may be stated that investment in aforesaid certificates would have fallen in clause (xv) of sub-section (1) of Section 5 of the Act.;