https://www.taxtmi.com/caselaws?id=17072 A permissive right to wear jewellery on ceremonial occasions under a trust was not property or an asset assessable to wealth-tax, because the right was limited to wearing the jewels unless withdrawn by the trustees. The Court applied its earlier binding precedent on an identical right and held that the retrospective amendment to section 5(1)(viii) did not create any fresh referable question of law. As the issue was already settled, no question arose for reference under section 27(3), and the petition seeking reference was rejected. en-us Thu, 07 Nov 1996 00:00:00 +0530 Tue, 15 Sep 2009 10:56:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17072 A permissive right to wear jewellery on ceremonial occasions under a trust was not property or an asset assessable to wealth-tax, because the right was limited to wearing the jewels unless withdrawn by the trustees. The Court applied its earlier binding precedent on an identical right and held that the retrospective amendment to section 5(1)(viii) did not create any fresh referable question of law. As the issue was already settled, no question arose for reference under section 27(3), and the petition seeking reference was rejected. Case-Laws Wealth-tax Thu, 07 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17072