Retrospective operation of wealth-tax exemption for jewellery: High Court declined to direct reference of the Tribunal question.

An application under section 27(3) of the Wealth-tax Act, 1957, seeking a direction to the Tribunal to refer questions on the retrospective operation of Explanation 1 to section 5(1)(viii) and the exclusion of jewellery from net wealth was declined. The High Court did not direct reference of the proposed questions, leaving the Tribunal's refusal undisturbed.

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Outcome: The application under section 27(3) of the Wealth-tax Act, 1957, seeking a direction to the Tribunal to refer the question regarding the retrospective operation of Explanation 1 to section 5(1)(viii) and exclusion of jewellery from net wealth was declined.

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