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2003 (3) TMI 79 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in allowing the exemption under section 5(1)(xii) of the Wealth-tax Act in respect of seven items of jewellery claimed to represent art treasures?" - we reframe the question as follows: "Whether on the facts and in the circumstances of the case, the Tribunal was right in allowing the exemption under section 5(1)(xii) of the Wealth-tax Act in respect of seven items of jewellery claimed to represent 'works of art' and 'not intended for sale'?" - The question is accordingly answered in favour of the assessees and against the Revenue.
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