1978 (8) TMI 53

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....s or jems (whether imitation or genuine) would not be exempt but ornaments which are not studded as such, will be exempt from wealth-tax. The Tribunal remanded the matter for recomputation of the value of the jewellery accordingly. At the instance of the Commissioner, the Tribunal has referred for our opinion two questions: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in setting aside the Appellate Assistant Commissioner's order by which he refused to permit the assessee to claim exemption under section 5(1)(viii) as the point did not arise out of the assessment order and the Wealth-tax Officer had not investigated whether the jewellery was mainly intended for personal use of the as....

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....dded two provisos and two Explanations but the same were made operative prospectively from April 1, 1972. Clause (viii), after its amendment, reads as follows : "(viii) furniture, household utensils, wearing apparel, provisions and other articles intended for the personal or household use of the assessee, but not including jewellery ...... Explanation 1.-For the purposes of this clause and clause (xiii), "jewellery " includes- (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel; (b) precious or semi-precious stones, whether or n....