Permissive right to wear jewellery is not a wealth-taxable asset; no referable question of law arose.

A permissive right to wear jewellery on ceremonial occasions under the trust deeds was not "property" or an "asset" within section 2(e) of the Wealth-tax Act, 1957, so it could not be assessed as a taxable life interest under section 21(1). The retrospective amendment to section 5(1)(viii) did not change that position, and the Tribunal correctly followed the court's earlier binding decision on the point. As the issue was already settled, no referable question of law arose for reference, and the Revenue's applications failed.

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Issues: Whether the right to wear jewellery granted under the trust deeds constituted an asset or life interest liable to wealth-tax under section 21(1) of the Wealth-tax Act, 1957, and whether any referable question of law arose for reference.

Analysis: The right conferred on the beneficiaries was only a permissive right to wear the jewellery on ceremonial occasions and did not amount to property or an asset within the meaning of section 2(e) of the Wealth-tax Act, 1957. The retrospective amendment to section 5(1)(viii) of the Wealth-tax Act, 1957 did not alter this position. The issue was already covered by a binding earlier decision of the same court, and the Tribunal had rightly followed that view.

Conclusion: The right to wear the jewellery was not taxable as an asset under section 21(1) of the Wealth-tax Act, 1957, and no referable question of law arose. The Revenue's applications failed.

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