https://www.taxtmi.com/caselaws?id=17075 The Court dismissed the wealth-tax case, ruling that the right to wear jewellery, limited to trustee permission, did not qualify as "property" for wealth-tax assessment under the Wealth Tax Act, 1957. The Court upheld previous judgments and rejected the Revenue's request to refer the question to a Full Bench, emphasizing that the issue was settled. The retrospective amendment of the Act did not change this interpretation, affirming that mere permissive rights like wearing jewellery did not constitute taxable assets. The decision reinforced the importance of precedent and upheld consistent principles in determining tax liabilities. en-us Thu, 07 Nov 1996 00:00:00 +0530 Tue, 15 Sep 2009 11:03:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17075 The Court dismissed the wealth-tax case, ruling that the right to wear jewellery, limited to trustee permission, did not qualify as "property" for wealth-tax assessment under the Wealth Tax Act, 1957. The Court upheld previous judgments and rejected the Revenue's request to refer the question to a Full Bench, emphasizing that the issue was settled. The retrospective amendment of the Act did not change this interpretation, affirming that mere permissive rights like wearing jewellery did not constitute taxable assets. The decision reinforced the importance of precedent and upheld consistent principles in determining tax liabilities. Case-Laws Wealth-tax Thu, 07 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17075