1995 (2) TMI 31

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..... l these six cases, the same questions of law arise. The Revenue filed applications under section 27(3) of the Wealth-tax Act, 1957, to refer the following questions for opinion : "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the assessment orders of the Wealth-tax Officer passed for the assessment years 1976-7 .....

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..... ticles of jewellery or such of them as might be required on and for the purpose of, special, ceremonial or festive occasions. Thereafter, the jewellery would be taken charge of from the said beneficiaries by the trustees. Treating this right as a life interest, the beneficiaries were held taxable by the Wealth-tax Officer. The appellate authority confirmed the same. On appeal by the trustees, the .....

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..... t of the judgment of the High Court in R. C. No. 67 of 1969 dated November 5, 1971, quoted by the Tribunal, we may note the following observation made by Justice O. Chinnappa Reddy, as he then was, speaking for the Bench. The learned judge observed, "Her interest in the jewels is limited to being allowed to wear them if the trustees do not withdraw them from her. To our minds, the interest appears .....

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