https://www.taxtmi.com/caselaws?id=20479 The High Court ruled in favor of the Revenue, holding that jewellery was not exempt under sections 5(1)(xiii) and 5(1)(viii) of the Wealth-tax Act, 1957. The Court found that the plain reading of the statute excluded jewellery from the exemption, despite being considered heirloom and not intended for sale. The judgment answered the questions posed by the Tribunal in the affirmative and negative, respectively, emphasizing the legislative history and language of the provisions in its decision. en-us Tue, 21 Jul 1992 00:00:00 +0530 Sat, 14 Nov 2009 12:01:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20479 The High Court ruled in favor of the Revenue, holding that jewellery was not exempt under sections 5(1)(xiii) and 5(1)(viii) of the Wealth-tax Act, 1957. The Court found that the plain reading of the statute excluded jewellery from the exemption, despite being considered heirloom and not intended for sale. The judgment answered the questions posed by the Tribunal in the affirmative and negative, respectively, emphasizing the legislative history and language of the provisions in its decision. Case-Laws Wealth-tax Tue, 21 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20479