https://www.taxtmi.com/caselaws?id=37680 The Supreme Court held that the value of jewellery was exempt under section 5(1)(viii) of the Wealth-tax Act until the Finance Act of 1971 retrospectively excluded jewellery from the exemption. The term "jewellery" was clarified to include ornaments made of precious metals, whether studded with stones or not. The High Court agreed with this interpretation, emphasizing that there was no material distinction between jewellery and ornaments based on the presence of precious stones. Consequently, the second question was answered in favor of the department, and no costs were awarded. en-us Thu, 17 Aug 1978 00:00:00 +0530 Wed, 31 Mar 2010 13:12:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37680 The Supreme Court held that the value of jewellery was exempt under section 5(1)(viii) of the Wealth-tax Act until the Finance Act of 1971 retrospectively excluded jewellery from the exemption. The term "jewellery" was clarified to include ornaments made of precious metals, whether studded with stones or not. The High Court agreed with this interpretation, emphasizing that there was no material distinction between jewellery and ornaments based on the presence of precious stones. Consequently, the second question was answered in favor of the department, and no costs were awarded. Case-Laws Wealth-tax Thu, 17 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37680