https://www.taxtmi.com/caselaws?id=35982 The High Court of Madhya Pradesh ruled that gold ornaments not studded with jewels are considered as jewellery under section 5(1)(viii) of the Wealth-tax Act. The court upheld the Tribunal's decision to include such ornaments in wealth tax computation, rejecting the assessee's argument for exemption. The judgment aligned with previous legal precedents and legislative intent, affirming that precious metal ornaments, including gold, fall within the definition of jewellery. Each party was directed to bear their respective costs in the reference proceedings. en-us Wed, 03 Oct 1979 00:00:00 +0530 Thu, 18 Mar 2010 12:43:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35982 The High Court of Madhya Pradesh ruled that gold ornaments not studded with jewels are considered as jewellery under section 5(1)(viii) of the Wealth-tax Act. The court upheld the Tribunal's decision to include such ornaments in wealth tax computation, rejecting the assessee's argument for exemption. The judgment aligned with previous legal precedents and legislative intent, affirming that precious metal ornaments, including gold, fall within the definition of jewellery. Each party was directed to bear their respective costs in the reference proceedings. Case-Laws Wealth-tax Wed, 03 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35982