1985 (7) TMI 6 - HC - Wealth-tax

Summary

The Commissioner of Wealth-tax filed an application under section 27(3) of the Wealth-tax Act, 1957, questioning the retrospective nature of Explanation 1 to section 5(1)(viii) regarding the exclusion of jewelry from taxable wealth. The Tribunal upheld the decision of the Appellate Assistant Commissioner based on a Full Bench decision. The High Court declined to entertain the application for a reference to the Tribunal, citing lack of valid grounds.