COMMISSIONER OF WEALTH TAX Vs. KAMALA GANAPATHI SUBRAMANIAM

JUDGEMENT

(1.) THE Appellate Tribunal has referred to following question under s. 27(1) of the W.T. Act :

(2.) THE assessee, a lady, filed returns under the W.T. Act for the assessment years 1968-69 and 1969-70. Before the WTO, she claimed exemption on the value of certain jewellery, relying on the decision of the Gujarat High Court in CWT v. Mrs. Arundhati Balkrishan [1968] 70 ITR 203. THE WTO relied on another decision of the Patna High Court in Pandit Lakshmikant Jha v. CWT [1968] 69 ITR 545 and held that the value of the jewellery was liable to be assessed. He took Rs. 69,705 as the value of the jewellery in each of these assessment years. THE assessee appealed to the AAC and the contention before him was that the WTO should not have included in the total wealth the value of the various ornaments and pieces of jewellery amounting to Rs. 69,705 since the same would be exempt from taxation under s. 5(1)(viii) of the W.T. Act as held in CWT v. Mrs. Arundhati Balkrishan [1968] 70 ITR 203 (Guj). THE AAC agreed with the assessee's contention and pointed out thus :

(3.) THE said Tribunal held that even though the statute is retrospective in operation so as to cover the assessment years under consideration, still there was no rectifiable error which could be corrected under s. 35 of the Act. THE AAC relied on this judgment of the Tribunal and came to the conclusion that there was no rectifiable error.