9911796707
TMI Blog1985 (7) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... instance of the Commissioner of Wealth-tax, Madhya Pradesh, Bhopal, has made this reference under section 27(1) of the wealth-tax Act, 1957, for the opinion of this court on the following question of law ; " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the extended meaning of the term 'jewellery' in view of Explanation I to section 5(1)(vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts held by the assessee. The assessee took up the matter in appeal and the Commissioner of Wealth-tax (Appeals) held that gold and silver ornaments intended for the personal or household use within the meaning of section 5(1)(viii) of the Wealth-tax Act could not be included in her net wealth for the assessment years 1957-58 to 1962-63. So far as the later years, now in dispute, that is 1963-64 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Mukati, frankly submitted that the Tribunal has given proper reasons for deciding the question involved in favour of the assessee. He further submitted that the view taken by the Tribunal has been fortified by the Full Bench decision of this court in CWT v. Smt. Tarabai Kanakmal [1983] 140 ITR 374, wherein it has been held that by amending section 5(1)(viii) by the addition of the Explanation, i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
