9911796707
TMI Blog2018 (3) TMI 814X X X X Extracts X X X X X X X X Extracts X X X X ..... t current valuation of the assets was available with the assessee at the time of filing of Wealth Tax return? 2. The assessees were subjected to search under Section 132 of the Income Tax Act, 1961 on 20.01.2012. Based upon the valuation of their assets, which included jewellery, the Wealth Tax Officer (WTO) made additions in excess of `88 lacs which resulted in wealth tax liability. The challenge to the Commissioner of Wealth Tax was unsuccessful. Consequently, they appealed to the Tribunal which granted relief, based upon a circular issued on 15.03.1993. 3. It is urged on behalf of the Revenue that the circular in this case merely allows the assessee to use the report of the registered valuer obtained for one assessment ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the jewellery on the valuation date exceeds rupees five lakhs. (3) Notwithstanding anything mentioned in sub-rule (2), the Assessing Officer may, if he is of opinion, that the value of the jewellery declared in the return (a) is less than its fair market value by such percentage or such amount as is prescribed under sub-clause (i) of clause (b) of sub-section (1) of section 16 A; (b) is less than its fair market value as referred to in clause (a) of sub-section (a) of section 16A, he may refer the valuation of such jewellery to a Valuation Officer under subsection (1) of the said section and the value of such jewellery shall be the fair market value as estimated by the Valuation Officer] 19. Adjustment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ually. Furthermore, if the jewellery or any part of such asset is sold or acquired before valuation date (i.e. within the four year period) such value has to be reduced or increased as the case may be and has to be reflected in the subsequent assessment year. 6. It is evident from the facts of the present case that the search was an event which per se could not have compelled the assessee to go in for fresh valuation, unless there was a compulsion in law to do so. In these circumstances, the assessees acted within their rights in relying upon the prevailing valuation, which ended on 31.03.2012. 7. For the above reasons, the question of law framed is answered in favour of the assessees and against the appellant/revenue. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
