Madhya Pradesh Court August 1982 Judgments

Commissioner of Wealth-tax Vs. Smt. Tarabai Kanakmal

Court: Madhya Pradesh

Reported in: [1983]140ITR374(MP)

G.P. Singh, C.J.1. A Division Bench which heard this reference under Section 27(3) of the W.T. Act, 1957, has referred the following question of law to be decided by a Full Bench :'Whether, for the assessment years prior to April 1, 1972, jewellery will include gold ornaments not studded with precious or semi-precious stones, within the meaning of Section 5(1)(viii) of the Wealth-tax Act ?'2. Section 3 of the Act imposes the charge of wealth-tax for every assessment year on the net wealth on the corresponding valuation date. The computation of net wealth is made in accordance with Section 4 by including the value of assets mentioned therein on the valuation date. Section 5 provides for exemptions in respect of certain assets. Clause (viii) of Section 5(1), as originally enacted, granted exemption in respect of 'furniture, household utensils, wearing apparel, provisions and other articles intended for personal or household use of the assessee'. Clause (xv) of the same section, as origin...