1976 (9) TMI 56 - AT - Wealth-tax

Summary

The Appellate Tribunal ITAT CUTTACK ruled that gold ornaments without precious stones are exempt from wealth tax under s. 5(1)(viii) of the WT Act, 1957. The Tribunal upheld the AAC's decision to exclude the value of such ornaments from taxable wealth for the years 1970-71 and 1971-72. The Department's appeal was dismissed based on the Orissa High Court's interpretation of the term "jewellery" in the relevant provisions.