HON’BLE SRI JUSTICE G. CHANDRAIAH AND HON’BLE SRI JUSTICE CHALLA KODANDA RAM R.C. No.99 OF 1997 JUDGMENT:- (per Hon’ble Sri Justice G. Chandraiah) At the instance of revenue for the assessment years 1986-87, the following two questions of law have been referred under Section 27(1) of the Wealth Tax Act, 1957 for the opinion of this Court. 1. “Whether, on the facts and in the circumstances of the case, the ITAT was correct in law in allowing exemption u/s 5(1)(xii) of the Wealth-tax Act in respect of 7 items of jewellery claimed to represent art treasurers?” 2. “Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the notional Estate Duty liability likely to arise on the demise of the life tenant was allowable as a deduction while valuing the remainder man’s interest?” 2. When the matter is taken up for hearing, it is fairly conceded by the learned counsel for the assessee that both the questions referred are required to be answered in favour of the assessee and against the revenue. 3. Insofar as the question No.1 is concerned, the same is covered by the judgment of this Court reported in Commissioner of Wealth Tax v. SB. Zainab Noorul Sayeeda and others[1] and accordingly, the same is answered in favour of the assessee and against the revenue. 4. Insofar as the question No.2 is concerned, a similar question was the subject matter of the judgment reported in CWT v. Trustees of H.E.H. Nizam’s Family (Remainder Wealth) Trust[2]. In the said judgment, this Court answered the question in the affirmative that is in favour of the assessee and against the revenue. The revenue carried the matter in appeal to the Supreme Court and the Supreme Court confirmed the judgment of the High court. The judgment is reported in Commissioner of Wealth Tax v. Trustees of H.E.H The Nizam’s Jewellery Trust[3]. In the light of the above, the question No.2 is answered in favour of the assessee and against the revenue. 5. Accordingly, the referred case is disposed of answering both the questions in favour of the assessee and against the revenue. No order as to costs. Miscellaneous Petitions, if any, pending in this R.C shall stand disposed of. ______________________ G. CHANDRAIAH,J ____________________________ CHALLA KODANDA RAM, J Date:10.12.2013. Gk. HON’BLE SRI JUSTICE G. CHANDRAIAH AND HON’BLE SRI JUSTICE CHALLA KODANDA RAM R.C. No.99 OF 1997 Date: .12.2013. Gk. [1] (2003) 262 ITR 306 [2] (1977) 108 ITR 555 [3] (2003) 261 ITR 690.