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TMI Blog1986 (10) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... cturing the gold ornaments, the value is taken Rs. 21 per gram. The assessee's ornaments contained 158 750 grams of gold. Thereby, the value comes for addition on account of gold ornaments only at Rs. 3,334. Similarly, the value of precious stone has also been increased by about 10 per cent over the last year's rate as discussed earlier. The value of precious stone as per valuer's report dt. 22nd Dec., 1978 was Rs. 1,01,069. Hence, a sum of 10,000 on estimate is added on account of precious stone. Thereby, total additions on account of gold ornaments and precious stone come to Rs. 13,334 (Rs. 3,334 plus Rs. 10,000)". In coming to the above conclusion the WTO rejected the contention of the assessee that the value shown in the valuation re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esentative for the assessee who contended that the Circular is not confined to asst. yrs. 1968-69 to 1970-71 as contended by the departmental representative but is applicable to all the assessment years. Alternatively he argued that the principle as stated in this Circular should be considered to have been extended to the subsequent years. In this connection he also placed reliance on this Tribunal's order dt. 28th Aug., 1985 in WTA No. 965 and 966 (Cal) of 83 in the case of Sripati Singhania (HUF). 4. On a careful consideration of the materials on record relied upon by the authorised representative for the parties, facts and circumstances of the case, we are of the opinion that the Board Circular is not applicable to the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epting the valuation as given in the valuation report dt. 22nd Dec., 1978. But we make it clear that the Circular cannot affect the valuation for the assessment years order than 1968--69 to 1970-71. So the CWT(A) was not justified in deleting the addition on this ground only. He should have considered whether the addition in the valuation of the jewellery made by the WTO was right in the facts disclosed. This the CWT(A) did not consider. As such we are of the opinion that the matter should be remitted back to the CIT(A) for fresh examination. As such we set aside his order and remit the matter back to him for re-examination without applying the Board Circular to the valuation. 5. The next ground relates to addition of the amount standing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench decision, we set aside the order of the CWT(A) and restore the order of the WTO on this point. WTA No. 456 ( Cal ) of 1984 6. The first ground relates to the valuation of agricultural land. The WTO rejected the contention of the assessee that the valuation made is valid for three years and "in the absence of details and evidence in respect of other agenta attached to the firm", the WTO estimated the value of the land and other assets at Rs. 87,000. On appeal, the CWT(A) directed the WTO to "adopt value of land at Rs. 37,000, as per the valuation report of the registered valuer". The departmental representative contended that the Board Circular dt. 20th Sept., 1968 is not applicable to the assessment year under consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X
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