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<h1>Court rules jewellery fund not an asset under Wealth Tax Act, upholding Tribunal's decision</h1> The High Court dismissed the petition as no referable questions of law arose based on the interpretation of the trust deed and previous judgments. The ... Asset Issues:1. Interpretation of the Wealth Tax Act regarding the inclusion of the value of jewellery fund in a trust for assessment.2. Whether the right to wear jewellery on ceremonial occasions constitutes 'property' for the purpose of wealth tax assessment.Analysis:Issue 1:The case involved an application under section 27(3) of the Wealth Tax Act, 1957, seeking a direction to the Tribunal to refer questions of law to the High Court for opinion. The main question was whether the value of the jewellery fund in a trust should be included for assessment under the Act. The Tribunal had held that there was no beneficial interest of the assessee, thus excluding the jewellery fund from assessment. The petitioner sought a reference to the High Court on this matter.Issue 2:For the assessment years 1977-78 to 1982-83, the Wealth Tax Officer had valued the right to wear jewellery on ceremonial occasions, vested in a granddaughter of H.E.H. the Nizam, under section 21(1) of the Act. However, the assessment was set aside by the CWT(A) and the Tribunal dismissed the Revenue's appeal, stating that the right to wear jewellery could not be considered 'property' for wealth tax purposes. The petitioner contended that the issue should be referred to a Full Bench, citing previous judgments. The Court examined relevant judgments and held that the interest in the jewellery fund was permissive and did not constitute an asset under the Act, thus dismissing the wealth tax case.In conclusion, the High Court dismissed the petition as no referable questions of law arose based on the interpretation of the trust deed and previous judgments. The Court affirmed that the interest in the jewellery fund did not amount to an asset under the Wealth Tax Act, upholding the Tribunal's decision regarding the exclusion of the value of the jewellery fund for assessment purposes.
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