https://www.taxtmi.com/caselaws?id=36413 The court held that the provisions of Section 35 of the Wealth-tax Act could be utilized to rectify the assessment orders for the years 1968-69 and 1969-70 due to the retrospective application of the amended provisions of Section 5(1)(viii), which excluded jewellery from exemption. The court determined that jewellery intended for personal use did not qualify for exemption under the amended law, emphasizing that the assessee's consistent classification of the items as jewellery precluded their exemption as "wearing apparel." The Tribunal was directed to rectify the AAC's order, with costs awarded to the Commissioner. en-us Wed, 23 Jan 1980 00:00:00 +0530 Mon, 22 Mar 2010 11:54:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36413 The court held that the provisions of Section 35 of the Wealth-tax Act could be utilized to rectify the assessment orders for the years 1968-69 and 1969-70 due to the retrospective application of the amended provisions of Section 5(1)(viii), which excluded jewellery from exemption. The court determined that jewellery intended for personal use did not qualify for exemption under the amended law, emphasizing that the assessee's consistent classification of the items as jewellery precluded their exemption as "wearing apparel." The Tribunal was directed to rectify the AAC's order, with costs awarded to the Commissioner. Case-Laws Wealth-tax Wed, 23 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36413