Wealth-tax exemption for paintings and similar items upheld where the same assessee's earlier ruling governed the later reference.

The value of drawings, paintings, manuscripts and similar items was held exempt from wealth-tax under section 5(1)(xii) of the Wealth-tax Act, 1957. The High Court relied on its earlier ruling involving the same assessee and the same statutory provision, where exemption for paintings had already been upheld. Because the present reference raised the same legal question for other assessment years, the earlier decision was treated as governing the issue, and the reference was answered in favour of the assessee and against the Commissioner.

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Issues: Whether the value of drawings, paintings, manuscripts and similar items was exempt from wealth-tax under section 5(1)(xii) of the Wealth-tax Act, 1957.

Analysis: The Court followed its earlier decision concerning the same assessee and the same statutory provision, in which the Tribunal's view that paintings were exempt under section 5(1)(xii) had been upheld. As the present reference involved the same legal question for other assessment years, the earlier ruling was treated as governing the issue.

Conclusion: The value of the paintings was exempt from wealth-tax under section 5(1)(xii) of the Wealth-tax Act, 1957, and the reference was answered against the Commissioner and in favour of the assessee.

Ratio Decidendi: Where the same statutory exemption has already been upheld for the same assessee on the same issue, the earlier decision governs subsequent references involving the same question.

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