https://www.taxtmi.com/caselaws?id=23162 A retrospective amendment to the wealth-tax exemption for jewellery could be applied through rectification where the original assessment had excluded jewellery in line with then-prevailing judicial authority. Once the legal position changed retrospectively, the earlier omission no longer reflected the correct tax liability and became a mistake apparent from the record. The Wealth-tax Officer was therefore justified in invoking the rectification provision to include the jewellery value. The operative principle is that a retrospective amendment to a charging or exemption provision can support rectification of an assessment that is inconsistent with the amended law. en-us Mon, 06 Aug 1990 00:00:00 +0530 Thu, 17 Dec 2009 11:42:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23162 A retrospective amendment to the wealth-tax exemption for jewellery could be applied through rectification where the original assessment had excluded jewellery in line with then-prevailing judicial authority. Once the legal position changed retrospectively, the earlier omission no longer reflected the correct tax liability and became a mistake apparent from the record. The Wealth-tax Officer was therefore justified in invoking the rectification provision to include the jewellery value. The operative principle is that a retrospective amendment to a charging or exemption provision can support rectification of an assessment that is inconsistent with the amended law. Case-Laws Wealth-tax Mon, 06 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23162