COMMISSIONER OF WEALTH TAX, GUJARAT ATAHMEDABAD vs MRS. ARUNDHATI BALKRISHNA

The Supreme Court ruled that payments received by the assessee from trust funds do not qualify as annuities under Section 2(e)(iv) of the Wealth Tax Act, 1957, as they were not fixed sums. Consequently, the payments were included in the computation of net wealth. Additionally, the Court held that the jewellery intended for personal use was exempt under Section 5(1)(viii) of the Act, thus not included in the net wealth assessment.