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TMI Blog1982 (8) TMI 123X X X X Extracts X X X X X X X X Extracts X X X X ..... For the sake of convenience, the appeals are consolidated and are disposed of together by this single order. 2. From the impugned order of the AAC it is seen that for all the years under appeal, the assessee urged before him that in the light of the judgment of the Hon ble Madhya Pradesh High Court dt. 26th February 1980 in the case of CWT vs. Smt. Sonal K. Amin, (1980) 16 CTR (MP) 391m value of the jewellery assessed by the WTO was illegal and wrong. It was noted that in the said decision, it was held that the Expln. 1 to s. 5(1) (viii) is not retrospective as the same was inserted w.e.f. 1st April 1972. The AAC was of the view that considering the binding authority of the decision of the Hon ble Madhya Pradesh High Court, he directed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch of the Hon ble High Court has held against the assessee, ratio of that decision would be applicable to the facts of the case before us. It is further argued that the decision in the case of Smt. Sonal K. Amin, was rendered later on, under different circumstances and that latter decision has not considered the decision given by the Indore Bench which was rendered on 3rd October 1979. It is argued at length on behalf of the revenue that the appeals in the present case may be allowed and the orders of the AAC may be restored. According to the assessee s ld. counsel, however, the later decision would be applicable and the claim of the assessee was rightly accepted by the AAC. It is submitted that in the latter decision provision of the Expln ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Hon ble Allahabad High Court in the case as reported in CWT vs. His Highness Maharaja Vibhuti Narain Singh (1979) 117 ITR 246 (All). It noted that the word jewellery as commonly understood, includes ornaments made of precious stones and the Expln. only makes explicit, what was implicit in the provision from its inception. Accordingly, the Hon ble High Court concluded that in the view it has taken that the word jewellery includes ornaments of gold and other precious metals, it held that Tribunal was right in including the gold ornaments belonging to the assessee in computing his new wealth and the question of giving retrospective effect to Expln. 1 to s. 5(1) (viii) of the Act did not arise. Accordingly the decision in that decide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o conflicting opinion as far as this issue is concerned. In the case of N.C. Modi (relied on by the revenue) it is seen that the Hon ble High Court has noted that since it was of the opinion that the Tribunal was right in including the gold ornaments belonging to the assessee in the computation of the net wealth of the assessee, the question of giving retrospective effect to Explanation 1 to s. 5(1) (viii) did not arise. In other words, in the case of N.C. Modi, there was no occasion for the Hon ble High Court to deal with the retrospective effect of the Expln. 1 mentioned above. The Hon ble High Court in the case of Smt. Sonal K. Amin (1980) 16 CTR (MP) 391 has specifically dealt with the point of above and held that the meaning given in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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