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of <h1>Avoid Detailed Inquiries in Valuing Silver Items u/s 5(1)(viii) of Wealth-tax Act, 1957.</h1> Commissioners are reminded of Circular No. 75, emphasizing that officers should avoid overly detailed inquiries when valuing articles under Section 5(1)(viii) of the Wealth-tax Act, 1957. The Board has addressed the valuation of household items containing silver, advising that the assessee should estimate their value reasonably, potentially with expert advice. If the Wealth-tax Officer finds the estimate reasonable, further evidence should not be demanded unless there is substantial reason to doubt it. Officers are instructed not to focus excessively on determining the precious metal content unless justified, and these instructions should be communicated to all relevant officers.
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