1990 (1) TMI 149 - AT - Wealth-tax

Summary

The appeal concerned the exclusion of jewellery gifted by the assessee from their net wealth. The Appellate Tribunal ruled in favor of the assessee, stating that the transfer was irrevocable under the Wealth-tax Act, and the value of the jewellery should be excluded from the net wealth until the power to revoke is exercised. The Wealth-tax Officer was directed to re-compute the net wealth, and the appeal was allowed. (Case: 1990 (1) TMI 149 - ITAT MADRAS-D)