https://www.taxtmi.com/caselaws?id=19988 The High Court ruled against the assessee in a wealth-tax assessment case concerning the valuation of jewellery. The Court held that the value declared in the disclosure petition should be the basis for subsequent valuations, emphasizing the assessee's responsibility to provide accurate details of jewellery and ornaments. The Court found that the assessee failed to reconcile the significant decrease in value without additional evidence, leading to a ruling in favor of the Revenue. The Tribunal's reliance on the valuation report submitted by the assessee was deemed incorrect, as the Court emphasized the importance of the declared value in the disclosure petition. en-us Fri, 20 Aug 1993 00:00:00 +0530 Wed, 11 Nov 2009 10:31:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19988 The High Court ruled against the assessee in a wealth-tax assessment case concerning the valuation of jewellery. The Court held that the value declared in the disclosure petition should be the basis for subsequent valuations, emphasizing the assessee's responsibility to provide accurate details of jewellery and ornaments. The Court found that the assessee failed to reconcile the significant decrease in value without additional evidence, leading to a ruling in favor of the Revenue. The Tribunal's reliance on the valuation report submitted by the assessee was deemed incorrect, as the Court emphasized the importance of the declared value in the disclosure petition. Case-Laws Wealth-tax Fri, 20 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19988