Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

2018 (3) TMI 814

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 - WTA 8/2017 & CM APPL. 41757/2017 AND WTA 9/2017 & CM APPL. 41758/2017 - - - Dated:- 14-3-2018 - MR. S. RAVINDRA BHAT AND MR. A. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... on report once adopted is deemed to be in effect for four years and that in the present case, the time for filing the fresh valuation report, had not yet arisen. The occasion for a fresh valuation occurred on account of search which resulted in a separate valuation. Ld. Counsel also relied upon Rule 19A to highlight that the value of assets other than gold and jewellery, did not require fresh annual revisiting. 4. Rules 18 19 of the Third Schedule to the Wealth Tax Rules (which form the mechanism for valuation of wealth, in terms of Section 7 of the Wealth Tax Act), read as follows: 18. Valuation of jewellery. - (1) The value of the jewellery shall be estimated to be the price which it would fetch if sold in the open marke .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the jewellery includes gold or silver or any alloy containing gold or silver, the value of such gold or silver or such alloy as on the valuation date relevant to the concerned subsequent assessment year shall be substituted for the value of such gold or silver or alloy on the valuation date relevant to the first assessment year; (b) where any jewellery or part of jewellery is sold or otherwise disposed of by the assessee, or any jewellery or part of jewellery is acquired by him, on or before the valuation date relevant to the concerned subsequent year, the value of the jewellery determined for the first assessment year shall be reduced or increased, as the case may be, and the value as so reduced or increased shall be the value of t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates