JUDGMENT
T.D. Sugla J.
1. The only question of law referred to this court by the Tribunal under section 27(1) of the Wealth-tax Act, 1957, is :
“Whether, on the facts and in the circumstances of the case, the value of the gold ornaments not studded with precious stones would be exempt under section 5(1)(viii) of the Wealth-tax Act, 1957, as amended by the Finance (No. 2) Act, of 1971 and not includible in the ‘net wealth’ of each of the assessees for each of the assessment years under consideration before the Tribunal ?”
2. Counsel are agreed that, in view of this court’s decision in the case of CWT v. Smt. Godavaribai R. Podar (1988) 169 ITR 245, the word` “jewellery” as used in the said clause (viii) of section 5(1) of the Wealth-tax Act, 1957, cannot, for the period prior to April 1, 1972, be held to include within its embrace ornaments made of gold or silver or platinum or other precious metal or alloy thereof which do not contain precious or semi-precious stone or stones. Since the assessment years involved herein are assessment years prior to the assessment year 1972-73, the question of law is, accordingly, answered in the affirmative and in favour of the assessees.
3. No order as to costs.