https://www.taxtmi.com/caselaws?id=36445 The High Court upheld the Tribunal's decision to allow exemption for gold and silver ornaments under section 5(1)(viii) of the Wealth-tax Act, 1957. The judgment clarified that the term "jewellery" did not include gold and silver ornaments without precious stones before the 1972 amendment. The retrospective amendments and the timing of the Explanation's inclusion indicated Parliament's intent to broaden the definition of jewellery only from 1972 onwards, settling the issue in favor of the assessee. en-us Tue, 26 Feb 1980 00:00:00 +0530 Mon, 22 Mar 2010 13:41:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36445 The High Court upheld the Tribunal's decision to allow exemption for gold and silver ornaments under section 5(1)(viii) of the Wealth-tax Act, 1957. The judgment clarified that the term "jewellery" did not include gold and silver ornaments without precious stones before the 1972 amendment. The retrospective amendments and the timing of the Explanation's inclusion indicated Parliament's intent to broaden the definition of jewellery only from 1972 onwards, settling the issue in favor of the assessee. Case-Laws Wealth-tax Tue, 26 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36445