COMMISSIONER OF WEALTH TAX Vs. ADITYA VIKRAM BIRLA

JUDGEMENT

(1.) The question of law which has been referred to this court under Section 27(1) of the Wealth-tax Act, 1957, at the instance of the Commissioner of Wealth-tax, West Bengal-I, Calcutta, is as follows :

(2.) The reference arises out of the assessment of wealth-tax of Aditya Vikram Birla, the assessee, for the assessment year 1970-71. In his return the assessee did not include jewellery intended for his personal use in his net wealth on the ground that on the relevant valuation date such jewellery, that is, jewellery intended for personal use was exempt under Section 5(1)(viii) of the Wealth-tax Act, 1957, from inclusion in the assessable net wealth.

(3.) The Wealth-tax Officer accepted the above contention of the assessee and completed the assessment without including the said jewellery in the net wealth chargeable to tax.