COMMISSIONER OF WEALTH TAX Vs. ANANTI DEVI SMT

JUDGEMENT

(1.) IN this WTR. No. 37 of 1976, the following question has been referred to this Court for its opinion :

(2.) THE aforesaid question arises in the following circumstances : The assessee filed wealth -tax return for the asst. year 1963 -64 but she did not disclose the value of her jewellery in the said return. She was under the impression that the jewellery is exempt from her assets in view of S. 5(1), sub -s. (viii) of the WT Act. However, on notice being issued to her, she filed a valuation report, inter alia, disclosing gold ornaments of the value of Rs. 4,760. The WTO vide order dt. 30th March, 1973, included it for the purposes of computing total wealth. The assessee went up in appeal but the appeal failed.

(3.) MR . K. K. Wadhera who appears for the CWT brought to our notice the fact that the section relating to exemption of certain assets particularly cl. (viii) of S. 5(1) of the WT Act was amended retrospectively w.e.f. 1st April, 1963, by the Finance (No. 2) Act, 1971. If that be the position, then jewellery has been excluded from the exemption of certain assets provided under S. 5(1)(viii) of the Act,