1992 (7) TMI 15

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....957, at the instance of the assessee, the following questions have been referred by the Tribunal for the opinion of this court: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in merely following its earlier orders for the assessment years 1975-76, 1976-77 and 1977-78 and upholding the disallowance of the claim for exemption of jewellery under section....

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.... aforesaid assessment years, claimed exemption of jewellery in terms of sections 5(1)(xiii) and 5(1)(viii) of the Act. The assessee showed the said value of jewellery in Part IV of the return as being assets not includible in her net wealth. In the assessee's family, as in most Parsi families, the items of jewellery belonging to the female members of the family are not intended for sale but are pa....

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.... words "any drawings", "heirloom" appearing in the said section create an exemption ; the words "not falling . . . and not intended for sale" create an exception to the exemption. The words "but not including jewellery" exclude jewellery from the exception ; since the jewellery is excluded from the exception by the exemption, it falls within the exemption. The assessee, in particular, contended th....

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....xtracted hereinbelow: " (xiii) any drawings, paintings, photographs, prints and any other heirloom not falling within clause (xii) and not intended for sale, but not including jewellery." In our view, a plain reading of clause (xiii) makes it quite clear that jewellery is intended to be outside the purview of exemption available in clause (xiii). A look at the legislative history also makes ....