Retrospective wealth-tax amendment upheld for rectification, with jewellery valuation left to the Tribunal's factual determination.

Retrospective amendment to section 5(1)(viii) of the Wealth-tax Act was held sufficient to permit rectification under section 35 so the Wealth-tax Officer could bring the value of jewellery to tax. The Court treated the question as covered by Supreme Court authority and confined itself to the reference on rectification competence, declining to decide whether "jewellery" was debatable because that issue was outside the referred question. It also noted that, in applying section 5(1)(viii), the Tribunal would still need to examine whether the assessee's ornaments fell within "jewellery".

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Issues: Whether, in view of the retrospective amendment to section 5(1)(viii) of the Wealth-tax Act, 1957, the Wealth-tax Officer could rectify the assessment under section 35 of the Wealth-tax Act, 1957 to bring to tax the value of jewellery.

Analysis: The question stood covered by the Supreme Court decision relied upon by the Court. The reference was confined to the competence of the Wealth-tax Officer to rectify the assessment in the light of the retrospective amendment, and the Court declined to examine an additional contention that the meaning of "jewellery" was debatable because that point did not form part of the referred question. The Court also noted that, while applying section 5(1)(viii), the Tribunal would still have to consider whether the assessee's ornaments fell within the expression "jewellery".

Conclusion: The question was answered in favour of the Revenue, and the Wealth-tax Officer was held competent to rectify the assessment.

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