https://www.taxtmi.com/caselaws?id=66227 Valuation of the jewellery trust corpus under the wealth-tax machinery had to follow Schedule III on the relevant valuation dates, so the Departmental Valuation Officer's report for assessment year 1988-89 governed later years with rule 19 adjustments, rather than the later arbitration compensation. A 50% discount for risks, hazards and uncertainty was retained because litigation and acquisition constraints continued to depress marketability. Exemption was confined to the 7 art treasures and 23 antiquities recognised by statute, while the remaining items, including the Jacob Diamond, were not exempt. Interest for delay in filing returns under section 17B was deleted because the statutory filing basis was absent on the facts. en-us Fri, 20 Sep 2002 00:00:00 +0530 Tue, 22 Feb 2011 16:57:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66227 Valuation of the jewellery trust corpus under the wealth-tax machinery had to follow Schedule III on the relevant valuation dates, so the Departmental Valuation Officer's report for assessment year 1988-89 governed later years with rule 19 adjustments, rather than the later arbitration compensation. A 50% discount for risks, hazards and uncertainty was retained because litigation and acquisition constraints continued to depress marketability. Exemption was confined to the 7 art treasures and 23 antiquities recognised by statute, while the remaining items, including the Jacob Diamond, were not exempt. Interest for delay in filing returns under section 17B was deleted because the statutory filing basis was absent on the facts. Case-Laws Wealth-tax Fri, 20 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66227