https://www.taxtmi.com/caselaws?id=60424 A departmental circular on acceptance of valuation reports for jewellery and agricultural land was held inapplicable to the assessment years under appeal, so the additions could not be deleted solely on that basis; the valuation issues were therefore remitted for fresh consideration on merits. The increase in gold and precious stone prices was treated as a material change affecting the earlier valuation. The amount standing in the CDS account was held includible in net wealth, as the deposit was treated in line with the Special Bench view as not constituting an annuity in law. The appellate relief granted to the assessee on the contested grounds was accordingly set aside. en-us Fri, 03 Oct 1986 00:00:00 +0530 Wed, 05 Jan 2011 12:28:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60424 A departmental circular on acceptance of valuation reports for jewellery and agricultural land was held inapplicable to the assessment years under appeal, so the additions could not be deleted solely on that basis; the valuation issues were therefore remitted for fresh consideration on merits. The increase in gold and precious stone prices was treated as a material change affecting the earlier valuation. The amount standing in the CDS account was held includible in net wealth, as the deposit was treated in line with the Special Bench view as not constituting an annuity in law. The appellate relief granted to the assessee on the contested grounds was accordingly set aside. Case-Laws Wealth-tax Fri, 03 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60424