https://www.taxtmi.com/caselaws?id=20428 Rule 2B(2) of the Wealth-tax Rules was held inapplicable to the valuation of closing stock of jewellery and precious stones because export invoice value could not, by itself, be treated as the foreign market value. A 35 per cent deduction from export invoice value was accepted as a fair market valuation method, and on that basis the fair market value did not exceed the declared value by more than the 20 per cent threshold required to invoke the rule. The Revenue also failed to discharge the burden of proving that the balance-sheet valuation was not the true value or that the statutory condition for addition to net wealth was satisfied. en-us Tue, 19 May 1992 00:00:00 +0530 Fri, 13 Nov 2009 18:27:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20428 Rule 2B(2) of the Wealth-tax Rules was held inapplicable to the valuation of closing stock of jewellery and precious stones because export invoice value could not, by itself, be treated as the foreign market value. A 35 per cent deduction from export invoice value was accepted as a fair market valuation method, and on that basis the fair market value did not exceed the declared value by more than the 20 per cent threshold required to invoke the rule. The Revenue also failed to discharge the burden of proving that the balance-sheet valuation was not the true value or that the statutory condition for addition to net wealth was satisfied. Case-Laws Wealth-tax Tue, 19 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20428