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<h1>Rectification of Wealth-tax Assessments for Jewellery Value: Delhi Court Decision</h1> The High Court of Delhi held that section 35 of the Wealth-tax Act allows for rectification of original assessments to include jewellery value, following ... Rectification of assessment under section 35 - mistake apparent from the record - interpretation and application of amended section 5(1)(viii) in relation to 'jewellery'Rectification of assessment under section 35 - mistake apparent from the record - interpretation and application of amended section 5(1)(viii) in relation to 'jewellery' - Whether section 35 of the Wealth-tax Act can be invoked to rectify original assessments for AY 1968-69 and AY 1969-70 so as to include the value of jewellery consequent to the amendment of section 5(1)(viii) by the Finance (No. 2) Act, 1971. - HELD THAT: - The court held that section 35 is applicable to rectify the original assessments and to include the value of the jewellery. The question was resolved by adherence to the ratio of the apex court's decision in J. M. Bhatia, AAC of W. T. v. J. M. Shah, which construed section 35 as enabling correction of an assessment where the non-inclusion of jewellery could be treated as a mistake apparent from the record and thereby permitted giving effect to the amending provision. The Tribunal's reference was answered in favour of the Revenue following that binding precedent.Section 35 may be invoked to rectify the original assessments and include the value of the jewellery; answer in favour of the Revenue and against the assessee.Final Conclusion: Reference answered affirmatively: the court, following the ratio in J. M. Bhatia v. J. M. Shah, directed that section 35 applies to rectify the concluded assessments for AY 1968-69 and AY 1969-70 to include the value of jewellery. The High Court of Delhi ruled that section 35 of the Wealth-tax Act can be used to rectify original assessments and include the value of jewellery, as per the amendment in section 5(1)(viii) by the Finance Act of 1971. The court cited a previous apex court decision to support their ruling. The reference applications were disposed of accordingly.
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