Declared value of the jewellery while framing the assessment of ...

Case Laws Wealth-tax

April 9, 2016

Declared value of the jewellery while framing the assessment of Wealth tax - Assessee permitted to use the valuation report given by an approved valuer for a particular year for next four years with appropriate adjustment only for the change in value of metal contained in jewellery. No fault for not including appropriate adjustment/appreciation for the change in value of stones. - AT

View Source

← Previous Next →

Declared value of the jewellery while framing the assessment of ...

Case Laws Wealth-tax

April 9, 2016

You may also like:

Validity of reopening of assessment - jurisdiction of AO over the assessee for framing of assessment -The Tribunal held that, as the assessment in the case of the...

Validity of assessment u/s 153A - Non issuance of notice U/s 143(2) - Protective assessment - the assessment has been made on a protective basis, but, it is not clear...

Mis-declaration of quantity - Assorted spectacle - The Tribunal acknowledged the misdeclaration of quantity, confirming that the actual quantity exceeded the declared...

LTCG - fair market value as on 1.4.1981 - The reasonable approach would have been to adopt the valuation in the Wealth Tax Assessment, since the Tribunal holds that the...

Absence of valid satisfaction recorded by AO before initiating assessment under special provision where search took place. Satisfaction note did not reveal AO's averment...

Unexplained jewellery - No doubt, the appellant could not furnish necessary bills, but fact remains that when the appellant claims that jewellery was purchased for many...

Reopening of assessment u/s 147 - Jurisdiction of Income Tax Authorities - Power to transfer cases - the assessment framed by ACIT, Circle-23(1), Hooghly, is bad in law...

The case pertains to the valuation of imported porcelain vitrified tiles. The key points are: The assessment attained finality, but the appellant has the legal right to...

Undisclosed income declared not to affect finality of completed assessments - THE INCOME DECLARATION SCHEME, 2016 - A declarant under this Scheme shall not be entitled,...

Adoption of value of the properties declared by the assessee as per Govt. ready reckoner by rejecting the valuation given by the Approved Valuer for the Wealth Tax allowed - AT

Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

Valuation of imported goods - Halani Star - rejected of declared Cost, Insurance and Freight (CIF) value value - When neither the Chartered Engineer was examined nor the...

Inclusion of aircraft in the wealth tax assessment - co-ownership of the aircraft - value of aircraft, which is used in the assessee’s business, cannot be included in...

Assessee received funds from four parties, which were not considered by the Assessing Officer (AO) during assessment proceedings u/s 147 read with Section 144. The...

Assessment u/s 153A - Gold jewellery found in the lockers held by the assessee - CIT(A) ought to have taken a liberal approach by giving the benefit to the assessee for...

Quick Updates: