2001 (8) TMI 17

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....Revenue sought the reference of two questions to the High Court of Andhra Pradesh (see [1995] 216 ITR 232). In the present appeals, only one question is pressed, namely, question No. 2, which reads thus: "2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the right to wear the jewellery is not an asset so as to be ....