Pettifogging enquiries into details of articles covered under the proviso to clause (viii) of sub-section (1) are not to be made - Object of amendment made by Finance (No. 2) Act, 1971 explained

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... to be made - Object of amendment made by Finance (No. 2) Act, 1971 explained 1. Attention is invited to the provisions of section 5(1)(viii) as amended by section 32 of the Finance (No. 2) Act, 1971. Under this amendment the operation of the exemption in clause (viii) has been restricted prospectively in the following respects: 1. Furniture, utensils and other articles, which, though held for p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f such precious metals in the net wealth would result in unintended hardship inasmuch as taxpayers would be required to disclose the value of petty items like silver-plated cutlery, blades containing coating of platinum or other precious metals, etc. It was, accordingly, suggested that such furniture, utensils and other articles should continue to enjoy exemption from wealth-tax. In his reply to t....