9911796707
TMI Blog1996 (11) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... is the petitioner. It seeks a direction to the Tribunal to state the case and refer the following questions as questions of law to this Court for opinion : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the orders of the WTO passed for the asst. yrs. 1976-77 to 1978-79 were bad in law for assessing the beneficiary's life interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue preferred an appeal before the Tribunal against the said order of the CWT(A). The Tribunal, following the judgment of a Division Bench of this Court in RC No. 67 of 1969 dt. 5th Nov., 1971, held that the right to wear jewellery, however widely the expression might be interpreted, could not be considered to be "property" for the purpose of the wealth-tax and, thus dismissed the appeal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be dismissed. 4. We have perused the order relied upon by learned junior standing counsel for the Revenue in RC No. 41 of 1989, dt. 23rd Feb., 1995. It relates to the interpretation of the trust deed executed by H.E.H. the Nizam on 21st March, 1963, viz., Sahebzadi Anwar Begum Trust. The present case arises out of the trust known as "the Nizam's Wedding Gifts Trust for Two Granddaughters" dt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be of a permissive nature and cannot be called property, however, widely the expression may be interpreted. We, therefore, agree with the Tribunal that neither the interest of the Sahebzadi in the jewellery fund nor her interest in the shares fund is an asset within the meaning of the WT Act'. We are in entire agreement with the observations of the Bench. In view of the said observation, the poi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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