1995 (2) TMI 31

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....t was delivered by SYED SHAH MOHAMMED QUADRI J.-- In all these six cases, the same questions of law arise. The Revenue filed applications under section 27(3) of the Wealth-tax Act, 1957, to refer the following questions for opinion : "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the assessment orders of th....

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....es or other ceremonial occasions. The right was to use the articles of jewellery or such of them as might be required on and for the purpose of, special, ceremonial or festive occasions. Thereafter, the jewellery would be taken charge of from the said beneficiaries by the trustees. Treating this right as a life interest, the beneficiaries were held taxable by the Wealth-tax Officer. The appellate ....

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....dgment of the High Court is distinguishable. From the extract of the judgment of the High Court in R. C. No. 67 of 1969 dated November 5, 1971, quoted by the Tribunal, we may note the following observation made by Justice O. Chinnappa Reddy, as he then was, speaking for the Bench. The learned judge observed, "Her interest in the jewels is limited to being allowed to wear them if the trustees do....