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1986 (3) TMI 35 - HC - Wealth-tax

The High Court of Delhi ruled that gold ornaments are considered "jewellery" and are not exempt from wealth tax under section 5(1)(viii) of the Wealth-tax Act for the assessment year 1963-64. The Tribunal's decision in favor of the assessee was overturned, and the judgment favored the Commissioner of Wealth-tax. The court held that the retrospective amendment to the Act from April 1, 1963, excluded jewellery from the exemption.

 

 

 

 

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