LAKCHMIKANT JHA Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) This is a reference under Sub -section (1) 6i Section 27 of the Wealth -Tax Act, 1957 (hereinafter referred to as the Act), by the Income -tax Appellate Tribunal, Patna, stating the following questions of law for the opinion of this Court:

(2.) Whether, on a true construction of Sections 5(1)(viii) and 5(1)(xv) of the Wealth -Tax Act, the assessee is entitled to the exclusion of the value of jewellery amounting to Rs. 27,27,330 from the computation of his total wealth ?

(3.) Whether any part of the amount of Rs. 36,87,419 fixed as compensation payable to the assessee under the Bihar Land Reforms Act is liable for inclusion in the total wealth of the assessee?