https://www.taxtmi.com/caselaws?id=19744 The court held that the term "jewellery" in the Wealth-tax Act included ornaments made of gold, silver, platinum, or any other precious metal, regardless of the presence of precious or semi-precious stones. The addition of Explanation 1 was deemed clarificatory and did not change the fundamental meaning of "jewellery." The court found the Income-tax Appellate Tribunal's decision to be erroneous, labeling it as perverse and not in accordance with the law. Consequently, the judgment favored the Revenue and ruled against the assessee, affirming that gold ornaments were encompassed within the definition of "jewellery" for wealth-tax purposes. en-us Thu, 15 Sep 1994 00:00:00 +0530 Mon, 09 Nov 2009 13:46:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19744 The court held that the term "jewellery" in the Wealth-tax Act included ornaments made of gold, silver, platinum, or any other precious metal, regardless of the presence of precious or semi-precious stones. The addition of Explanation 1 was deemed clarificatory and did not change the fundamental meaning of "jewellery." The court found the Income-tax Appellate Tribunal's decision to be erroneous, labeling it as perverse and not in accordance with the law. Consequently, the judgment favored the Revenue and ruled against the assessee, affirming that gold ornaments were encompassed within the definition of "jewellery" for wealth-tax purposes. Case-Laws Wealth-tax Thu, 15 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19744