https://www.taxtmi.com/caselaws?id=11819 The Andhra Pradesh HC upheld the Tribunal's decision allowing exemption under section 5(1)(xii) of the Wealth-tax Act for seven items of jewellery claimed as works of art not intended for sale. The court reframed the question from whether the items represented "art treasures" to whether they constituted "works of art and not intended for sale." The HC ruled in favor of the assessees and against the Revenue, confirming the jewellery qualified for the statutory exemption. en-us Thu, 13 Mar 2003 00:00:00 +0530 Mon, 07 Apr 2025 16:36:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11819 The Andhra Pradesh HC upheld the Tribunal's decision allowing exemption under section 5(1)(xii) of the Wealth-tax Act for seven items of jewellery claimed as works of art not intended for sale. The court reframed the question from whether the items represented "art treasures" to whether they constituted "works of art and not intended for sale." The HC ruled in favor of the assessees and against the Revenue, confirming the jewellery qualified for the statutory exemption. Case-Laws Income Tax Thu, 13 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11819