Unstudded Ornaments Classified as 'Jewellery' under Wealth-tax Act

The High Court of Allahabad held that unstudded ornaments of precious metals are considered 'jewellery' under section 5(1)(viii) of the Wealth-tax Act, following a Division Bench precedent. The question referred under section 27(3) of the Act was resolved without costs.

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The High Court of Allahabad ruled that unstudded ornaments made of precious metals fall within the definition of 'jewellery' under section 5(1)(viii) of the Wealth-tax Act. This decision was based on a previous ruling by a Division Bench of the court. The question referred under section 27(3) of the Act was answered accordingly, with no costs awarded.

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