Law: Wealth Tax Act, 1957

Section: 27(3),5(1)(xxxii)

Wealth tax--- ----Reference---Question of law ---Exemption---Assessee, partner in firms dealing in jewellery---Firms purchasing old gold comments and handing them over to goldsmiths to manufacture new gold ornaments---Assessee producing goldsmiths vouchers showing ornaments, making charges, weight of old gold, its purity, wastage, etc.---Firms were engaged in business of manufacture of new gold jewellery from old gold ornaments--­Goldsmiths worked under firms' premises ---Assessee entitled to exemption--­Indian Wealth Tax Act, 1957, Ss.5(1)(xxxii) & 27(3). The Appellate Tribunal found that the assessee was a partner in two firms dealing in jewellery, that these firms used .to purchase old gold ornaments and hand them over to goldsmiths to manufacture new gold ornaments, that the assessee had produced the goldsmith vouchers showing the ornaments, making charges paid, weight of old gold and its purity, wastage, etc., that from the vouchers produced by the assessee, it was clear that the firms in which the assessee was a partner were engaged in the business of manufacture of new gold jewellery from old gold ornaments purchased from various people and that the goldsmiths worked under, the firms' premises. The Tribunal, therefore, reached the conclusion that the firms in which the assessee was a partner, being engaged in the business of manufacture of new gold jewellery from old gold ornaments, were entitled to exemption under section 5(1)(xxxii) of the Wealth Tax Act, 1957: Held, that the finding of the Tribunal was a finding of fact and no question of law arose for reference. JUDGMENT OM PRAKASH, C. J.---Heard senior standing counsel for the Revenue. This is an application made by the Revenue under section 27(3) of the Wealth Tax Act,1957, requiring us to direct the Income-tax Appellate Tribunal to refer the following question for the opinion of this Court: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that assessee, is entitled to exemption under section 5(1)(xxxii) of the Wealth Tax…

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