https://www.taxtmi.com/caselaws?id=18983 A permissive right to wear jewellery on ceremonial occasions under the trust deeds was not "property" or an "asset" within section 2(e) of the Wealth-tax Act, 1957, so it could not be assessed as a taxable life interest under section 21(1). The retrospective amendment to section 5(1)(viii) did not change that position, and the Tribunal correctly followed the court's earlier binding decision on the point. As the issue was already settled, no referable question of law arose for reference, and the Revenue's applications failed. en-us Mon, 13 Feb 1995 00:00:00 +0530 Tue, 03 Nov 2009 12:07:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18983 A permissive right to wear jewellery on ceremonial occasions under the trust deeds was not "property" or an "asset" within section 2(e) of the Wealth-tax Act, 1957, so it could not be assessed as a taxable life interest under section 21(1). The retrospective amendment to section 5(1)(viii) did not change that position, and the Tribunal correctly followed the court's earlier binding decision on the point. As the issue was already settled, no referable question of law arose for reference, and the Revenue's applications failed. Case-Laws Wealth-tax Mon, 13 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18983