MEERA JAISWAL Vs. COMMISSIONER OF WEALTH-TAX

JUDGEMENT

(1.) FOR the assessment year 1968-69, the assessee submitted a wealth-tax return mentioning therein that she also possessed gold ornaments of the value of Rs. 25,000. The WTO recorded those ornaments as an "asset" within the meaning of the W. T. Act (hereinafter referred to as "the Act") and framed the assessment. The contention of the assessee that these ornaments were exempt from the operation of the Act during the relevant period did not prevail either with the AAC or with the Income-tax Appellate Tribunal, Chandigarh Bench. At her instance, the Appellate Tribunal has referred the following question of law for our opinion ; "whether, on the recorded findings in the case, the Tribunal has been right in law in holding that the gold ornaments were not exempt under Section 5 (1) (viii) of the Wealth-tax Act, 1957 ?"

(2.) IT has been argued on behalf of the assessee that these gold ornaments were articles of her personal use and did not fall within the meaning of assets exigible to tax.

(3.) SECTION 5 (1) (viii) of the Act, as it stood before the promulgation of the Finance Act (No. 2 of 1971), on August 10, 1971, read as under: "5. (1) Wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee- -. . . . . . (viii) furniture, household utensils, wearing apparel, provisions and other articles intended for the personal or household use of the asses-see. "