COMMISSIONER OF WEALTH TAX Vs. MEGHAJI GIRDHARILAL

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Indore Bench, Indore, at the instance of the Commissioner of Wealth-tax, Madhya Pradesh, Bhopal, has made this reference under Section 27(1) of the Wealth-tax Act, 1957, for the opinion of this court on the following question of law ;

(2.) IT may be noted at the outset that the Tribunal has made this reference relating to the assessment year 1963-64 only, though the Revenue had also prayed for making a reference for the assessment years 1964-65 and 1965-66 also.

(3.) LEARNED counsel for the Revenue, Shri R.C. Mukati, frankly submitted that the Tribunal has given proper reasons for deciding the question Involved in favour of the assessee. He further submitted that the view taken by the Tribunal has been fortified by the Full Bench decision of this court in CWT v. Smt. Tarabai Kanakmal [1983] 140 ITR 374, wherein it has been held that by amending Section 5(1)(viii) by the addition of the Explanation, it is effective only from April 1, 1972. "Jewellery" will not include gold ornaments not studded with precious or semi-precious stones for any assessment years prior to April 1, 1972.