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2018 (3) TMI 1364 - AT - Wealth-taxWealth tax assessment - whether loose pearls and stones are also includible in the definition of assets? - Held that:- As per the definition of jewellery in the Wealth Tax Act jewellery includes precious stones and semi-precious stones including the loose items not embedded in jewellery. CIT(A) examined the definition of the gemstones in internet and held that loose pearls and stones are also includible in the definition of assets. AR submitted that the pearls are not stones but separate bifurcation of pearls and stones was not submitted. A.R did not place any decision to controvert the finding of the Ld.CIT(A). As per the definition available in internet precious stones are diamond ruby emeralds and rest of them are semi-precious stones which include variants from non-organic stones. CIT(A) has rightly upheld the addition made by the A.O and we do not see any reason to interfere in the order of the Ld. CIT(A). - Decided against assessee.
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