COMMISSIONER OF WEALTH TAX Vs. ARTI GOENKA

JUDGEMENT

(1.) THIS is a reference under Section 27(1) of the W.T. Act, 1957. The following questions have been referred to this court :

(2.) THE assessee is a lady who submitted returns for the assessment years 1967-68, 1968-69 and 1969-70 under the W.T. Act. THE value of the jewellery shown in the wealth-tax returns for the three assessment years under reference and the value of loose diamonds are as follows : <FRM>JUDGEMENT_632_ITR121_1980Html1.htm</FRM>

(3.) THE case was taken on appeal to the Supreme Court whose decision is reported in CWT v. Arundhati Balkrishna, 1970 77 ITR 505. By judgment dated 25th February, 1970, the Supreme Court held that Section 5(1)(xv) dealt with jewellery in general, whether intended for the personal use of the assessee or not, and that jewellery intended for the personal use of the assessee came within the scope of Section 5(1)(viii). Accordingly, the value of the jewellery intended for the personal use of the assessee was held to be exempt under Section 5(1)(viii).