1985 (7) TMI 3 - HC - Wealth-tax

Summary

The High Court of Madhya Pradesh ruled in favor of the assessee, stating that the extended meaning of the term "jewellery" under the Wealth-tax Act would be applicable only from April 1, 1972, and onwards. The Tribunal's decision was upheld based on the Explanation to section 5(1)(viii) of the Act. The reference was made by the Revenue, but the Court answered in favor of the assessee, citing a Full Bench decision supporting the Tribunal's reasoning.