https://www.taxtmi.com/caselaws?id=60604 In wealth-tax valuation, an admission in a voluntary disclosure is relevant evidence but not conclusive, because the assessment must first identify the jewellery actually held on the valuation date and then determine its value. Where the declaration disclosed only a value, without particulars of the jewellery or contrary material showing that the assessees held more items than those reflected in the registered valuer's report, the earlier admitted figure could not displace direct expert valuation. Suspicion arising from the disclosure was insufficient to reject the valuation report. The Tribunal therefore accepted the registered valuer's report, set aside the additions, and directed revision of the assessments on that basis. en-us Mon, 01 Oct 1990 00:00:00 +0530 Fri, 07 Jan 2011 11:41:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60604 In wealth-tax valuation, an admission in a voluntary disclosure is relevant evidence but not conclusive, because the assessment must first identify the jewellery actually held on the valuation date and then determine its value. Where the declaration disclosed only a value, without particulars of the jewellery or contrary material showing that the assessees held more items than those reflected in the registered valuer's report, the earlier admitted figure could not displace direct expert valuation. Suspicion arising from the disclosure was insufficient to reject the valuation report. The Tribunal therefore accepted the registered valuer's report, set aside the additions, and directed revision of the assessments on that basis. Case-Laws Wealth-tax Mon, 01 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60604