1976 (9) TMI 56

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..... xemption under s. 5(1)(viii) of the WT Act, 1957 for the asst. yr. 1970-71 and 1971-72 even after amendment and introduction of the Explanation by the Finance Act (No. 2) of 1971 with retrospective effect. 2. While completing the assessment for the aforesaid years the WTO included the value of gold ornaments owned by the assessee in her taxable wealth. 3. On appeal, the AAC held according to t .....

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..... CIT vs. Smt. Binapani Chakraborty, 1976 CTR (Ori) (1) supported the orders of the AAC for both the years. 5. We find that the submission of the learned assessee's Counsel carry enough force. This very issue came for consideration of the Orissa High Court in the case of Smt. Binapani Chakraborty as referred to above wherein by its order dt. 26th Sept., 1975 their Lordships of the Orissa High cou .....

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