Permissive right to wear jewellery is not a wealth-tax asset; binding precedent barred any fresh reference question.

A permissive right to wear jewellery on ceremonial occasions under a trust was not property or an asset assessable to wealth-tax, because the right was limited to wearing the jewels unless withdrawn by the trustees. The Court applied its earlier binding precedent on an identical right and held that the retrospective amendment to section 5(1)(viii) did not create any fresh referable question of law. As the issue was already settled, no question arose for reference under section 27(3), and the petition seeking reference was rejected.

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Issues: Whether the beneficiary's right to wear jewellery on ceremonial occasions was an asset assessable under section 21(1) of the Wealth-tax Act, 1957, and whether any referable question of law arose for reference under section 27(3) of the Wealth-tax Act, 1957.

Analysis: The issue was treated as covered by an earlier binding decision of the same Court concerning an identical right under the relevant trust. The right to wear the jewellery was held to be only of a permissive nature, limited to wearing the jewels unless withdrawn by the trustees, and therefore not property or an asset within the meaning of the Wealth-tax Act. In view of that settled position, the Tribunal's view did not give rise to any fresh referable question of law, including after the retrospective amendment to section 5(1)(viii) of the Wealth-tax Act, 1957.

Conclusion: No referable question of law arose. The petition seeking reference was rejected, and the wealth-tax case was dismissed.

Ratio Decidendi: A permissive right to wear jewellery on ceremonial occasions is not property or an asset exigible to wealth-tax, and where the point is already covered by binding precedent, no referable question of law arises.

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