https://www.taxtmi.com/caselaws?id=25536 The court ruled in favor of the Revenue, holding that the gold ornaments were not exempt from wealth-tax under section 5(1)(viii) of the Wealth-tax Act, 1957. It was determined that the gold ornaments were not intended for personal or household use of the assessee and did not qualify for exemption. Additionally, the court clarified that the term "jewellery" did not include unstudded gold ornaments before the 1972 amendment. The final judgment favored the Revenue, directing each party to bear their own costs. en-us Mon, 28 Jul 1986 00:00:00 +0530 Fri, 29 Jan 2010 12:46:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25536 The court ruled in favor of the Revenue, holding that the gold ornaments were not exempt from wealth-tax under section 5(1)(viii) of the Wealth-tax Act, 1957. It was determined that the gold ornaments were not intended for personal or household use of the assessee and did not qualify for exemption. Additionally, the court clarified that the term "jewellery" did not include unstudded gold ornaments before the 1972 amendment. The final judgment favored the Revenue, directing each party to bear their own costs. Case-Laws Wealth-tax Mon, 28 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25536