TMI Blog2018 (3) TMI 1364X X X X Extracts X X X X X X X X Extracts X X X X ..... er the definition available in internet precious stones are diamond ruby emeralds and rest of them are semi-precious stones which include variants from non-organic stones. CIT(A) has rightly upheld the addition made by the A.O and we do not see any reason to interfere in the order of the Ld. CIT(A). - Decided against assessee. - WTA No. 02/Hyd/2017 - - - Dated:- 21-3-2018 - Smt. P. Madhavi Devi, Judicial Member And Shri D. S. Sunder Singh, Accountant Member Assessee by : Shri A.V Raghuram Revenue by : Smt. N. Swapna ORDER PER D.S. SUNDER SINGH, A.M: This appeal is filed by the assessee against the order of the CIT(A)-3, Hyderabad dated 02.11.2016 for the A.Y 2006-07. The assessee has filed the Wealth Tax return decl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 2,51,104 does not include semi precious stones at all to hold that the action of the AD is right on the ground that semi precious stones also falls under definition. 3. The learned CIT(A) failed to appreciate that the valuation report narrates only pearls and colour stones and no where the valuer used the words semi precious and thereby erred in confirming the addition of ₹ 2,51,104 which is only value of assorted loose pearls and color stones. 4. The learned AO erred in levying interest ujs.17b which is for late of filing of WT return though there is no delay in filing of return of net wealth. 5. The learned AD erred in levying interest ujs.17a and 17c though there is no such provision. 6. Any other ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r semi-precious stones and whether or not worked or sewn into any wearing appeal; ( ii) Precious or semi-precious stones, whether or not set in any furniture, utensils or other article or worked or sewn into any wearing apparel; 4.3 As per the literature of Gems available on internet the definition of precious and semi-precious stones are as under:- Any gemstones that is not a diamond, ruby, emerald or sapphire is a semi-precious gemstone. Calling a gemstone semi-precious does not mean it is less valuable than precious gemstones. Some semi-precious gemstones are not stones at all, but are made of organic material like amber, coral and pearl. 4.4 The precious stones are diamonds ruby, emeralds and rest of the items ..... X X X X Extracts X X X X X X X X Extracts X X X X
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