COMMISSIONER OF WEALTH TAX Vs. BINAPANI CHAKRABORTY

JUDGEMENT

(1.) THESE are seven references made under Section 27(1) of the Wealth-tax Act (hereinafter referred to as "the Act"), by the Wealth-tax Appellate Tribunal on the application of the revenue in respect of the assessment years 1965-66 to 1971-72. The following question has been referred for the opinion of this court :

(2.) THE relevant valuation dates are 31st of March of each of the years in question. THE Wealth-tax Officer, while taking up assessment proceedings for the years 1968-69 to 1971-72, had reasons to believe that the assessee had failed to file returns in respect of the assessment years 1965-66 to 1967-68. Notice under Section 17 of the Act was, therefore, issued in respect of the said three years. While completing the assessments for all the years in question, the Wealth-tax Officer included in the net taxable wealth the value of gold ornaments as he was of the view that, as a result of the amendment brought about by the Finance (No. 2) Act of 1971, to Section 5(1)(viii) of the Act, no exemption in respect of jewellery kept for personal use was admissible. In each of these years, an addition of Rs. 10,000 to the net wealth representing the value of fifty tolas of jewellery was made.