https://www.taxtmi.com/caselaws?id=24399 The extended meaning of "jewellery" inserted by Explanation I to section 5(1)(viii) of the Wealth-tax Act, 1957 was treated as prospective and applicable only from assessment year 1972-73 onwards. For assessment year 1963-64, gold and silver ornaments were therefore not brought within the enlarged definition for wealth-tax purposes, particularly where the ornaments were not studded with precious or semi-precious stones. The court followed the earlier Full Bench view that the amendment did not operate for periods before 1 April 1972, and the question was answered in favour of the assessee. en-us Mon, 22 Jul 1985 00:00:00 +0530 Tue, 19 Jan 2010 17:00:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24399 The extended meaning of "jewellery" inserted by Explanation I to section 5(1)(viii) of the Wealth-tax Act, 1957 was treated as prospective and applicable only from assessment year 1972-73 onwards. For assessment year 1963-64, gold and silver ornaments were therefore not brought within the enlarged definition for wealth-tax purposes, particularly where the ornaments were not studded with precious or semi-precious stones. The court followed the earlier Full Bench view that the amendment did not operate for periods before 1 April 1972, and the question was answered in favour of the assessee. Case-Laws Wealth-tax Mon, 22 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24399