Valuation of jewellery: requires prescribed documentation and allows assessing officer to refer undervaluations to a valuation officer. The substituted rule defines jewellery value as fair market value on the valuation date and requires prescribed supporting documentation: a prescribed statement below the documentary threshold and a registered valuer's report above that threshold. The Assessing Officer may, where declared value is considered below fair market value by the prescribed margin or otherwise, refer valuation to a Valuation Officer whose estimate will determine the jewellery's value for assessment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Valuation of jewellery: requires prescribed documentation and allows assessing officer to refer undervaluations to a valuation officer.
The substituted rule defines jewellery value as fair market value on the valuation date and requires prescribed supporting documentation: a prescribed statement below the documentary threshold and a registered valuer's report above that threshold. The Assessing Officer may, where declared value is considered below fair market value by the prescribed margin or otherwise, refer valuation to a Valuation Officer whose estimate will determine the jewellery's value for assessment.
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