https://www.taxtmi.com/caselaws?id=38082 The court held that the term 'jewellery' in section 5(1)(viii) of the Wealth-tax Act, before the 1971 amendment, did not include gold ornaments without precious or semi-precious stones. The Tribunal ruled that the 1971 amendment was effective only from April 1, 1972, with no retrospective effect, and thus deleted the value of gold ornaments from the taxable net wealth for the relevant assessment years. This decision aligned with the Supreme Court's interpretation and awarded costs to the assessee. en-us Fri, 26 Sep 1975 00:00:00 +0530 Sat, 03 Apr 2010 11:00:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38082 The court held that the term 'jewellery' in section 5(1)(viii) of the Wealth-tax Act, before the 1971 amendment, did not include gold ornaments without precious or semi-precious stones. The Tribunal ruled that the 1971 amendment was effective only from April 1, 1972, with no retrospective effect, and thus deleted the value of gold ornaments from the taxable net wealth for the relevant assessment years. This decision aligned with the Supreme Court's interpretation and awarded costs to the assessee. Case-Laws Wealth-tax Fri, 26 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38082