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2019 (11) TMI 44 - AT - Wealth-taxJewellery estimation - Revised valuation in respect of all the items of jewellery whether or not covered by the FIRs - reduced value of the jewellery for the purpose of determining the net wealth of the assessee and passed the assessment orders - valuation figures as supported by valuation report of Registered Valuer and WTO - HELD THAT:- In respect of the value of such items of jewellery as are not covered by the FIR, it occurs to our mind that there is inherent inconsistency in the approach of the Ld. CIT(A), because while referring to schedule III of the Act in the light of Section 7 read with Rule 18 thereof, CIT(A) made an observation that the jewellery shall be valued on the estimation of the price which it would fetch if sold in the open market on the valuation date. If it would be so, we do not find any logic in the CIT(A) directing AO to take the higher value as per the valuation report by ignoring the items the revised the value of which is less than the returned value. Further in the case of CWT vs. Raghunath Singh Thakur [2008 (4) TMI 152 - HIMACHAL PRADESH HIGH COURT] held that where assessee’s valuation figures are supported by valuation report of Registered Valuer and WTO has not made a reference to valuation cell, then the assessee’s figures are required to be accepted. Insofar as the items of jewellery covered by the FIR, the assessee is bound by the valuation secured by the Hon’ble High Court and the assessee cannot seek to reopen the same. Insofar as the items of jewellery not covered by FIR, however, the Revenue is expected to take a consistent stand in respect of all the items thereof and in view of the settled position of law, the assessing officer is directed to consider the revised valuation secured by police or by the assessee, as the case may be, and submitted by the assessee. Appeal of the assessee is, accordingly, allowed in part.
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