- (1.) Delay condoned and leave granted in the special leave petition.
(2.) The Revenue sought the reference of two questions to the High Court of Andhra Pradesh (see , [1995]216ITR232(AP) ). In the present appeals, only one question is pressed, namely, question No. 2, which reads thus (page 233): "2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the right to wear the jewellery is not an asset so as to be assessed under Section 21(1) of the Wealth-tax Act, 1957, in the hands of the trust representing the beneficiary, even after the retrospective amendment of section 5(1)(viii) of the Wealth-tax Act, 1957, by the Finance (No. 2) Act, 1971 "
(3.) The High Court declined to call for the references. In its view, the question was covered by an earlier decision which it quoted.;