https://www.taxtmi.com/caselaws?id=357661 The tribunal upheld the inclusion of pearls and stones in the net wealth for wealth tax assessment, determining that they fall within the definition of asset/jewellery/semi-precious stones as per the Wealth Tax Act. The tribunal considered loose pearls and stones as includible under the definition of gemstones, even if not embedded in jewelry. The appeal challenging this inclusion was dismissed, emphasizing that semi-precious stones, including pearls, are liable for wealth tax. Additionally, the tribunal affirmed the levy of interest under specified sections of the Wealth Tax Act, dismissing the appeal on these grounds as well. en-us Wed, 21 Mar 2018 00:00:00 +0530 Wed, 28 Mar 2018 07:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357661 The tribunal upheld the inclusion of pearls and stones in the net wealth for wealth tax assessment, determining that they fall within the definition of asset/jewellery/semi-precious stones as per the Wealth Tax Act. The tribunal considered loose pearls and stones as includible under the definition of gemstones, even if not embedded in jewelry. The appeal challenging this inclusion was dismissed, emphasizing that semi-precious stones, including pearls, are liable for wealth tax. Additionally, the tribunal affirmed the levy of interest under specified sections of the Wealth Tax Act, dismissing the appeal on these grounds as well. Case-Laws Wealth-tax Wed, 21 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357661