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2018 (3) TMI 814 - HC - Wealth-taxWealth tax assessment - ITAT directing the AO to disregard the recent valuation report and adopt old valuation report - current valuation of the assets was available with the assessee at the time of filing of Wealth Tax return - Valuation of jewellery - Held that:- A conjoint reading of the Rules require valuation of all assets; furthermore, the valuation operates not on a year to year basis but for a four year cycle. The only exception made out is that where jewellery includes gold or silver or any other alloy, the valuation of gold has to be undertaken annually. 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. 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. - Decided in favour of the assessee
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