Supreme Court of India
Commissioner of Wealth Tax, Gujarat at Ahmedabad v. Mrs. Arundhati Balkrishna
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What the Court ordered
For the reasons mentioned above we agree with the High Court that payments to be made to the assessee under the three trust deeds cannot be considered as annuities and hence she is not entitled to the benefit of s. 2(e)(iv). c This takes us to the question whether the High Court was F right in its view that the value of the assessee's jewellery should not be taken into consideration in determininz her net wealth.
Judgment, page 6
From the headnote
Wealth Tax Act (27 of 1957), ss. 1(e) (iv) and 5(1)(vii)-Receipt of share from trust funds-When 'annuity'-Jewellery intended for personal use-Whether exempt. The assessee was an individual. She was entitled for her life, to an aUquot share of the income arising from the funds settled on trust by three trust deeds and received payments of such share. She also possessed jewellery, intended for her personal use, of the value of Rs. 80,000. On the questions : ( 1) whether the payments to the assessee were annuities falling within the scope of s. 2(e)(iv) of the Wealth Tax Act, 1957, whose value
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