1986 (6) TMI 80

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.... declared the value of jewellery at Rs. 80,000 relation to all the valuation dates relevant to the assessment years under appeals, but the WTO assessed the valuation of the jewellery as under- Asst. yr. . 1980-81 Rs. 2,13,738 1981-82 Rs. 2,14,435 1982-83 Rs. 2,76,593 1983-84 Rs. 2,65,680 The reasoning of the WTO being that it is borne out form the records and also from the statement of the assessee himself that he owned jewellery of Rs. 20,000 as on the valuation date 31st July, 1957 and in the absence of any list or the weight of the jewellery being made available by the assessee to the Department the only fair basis is to work out the weight of the jewellery on the basis of prevalent rate as on the valuati....

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.... further contended that the value of the jewellery was being returned in the Returns of net wealth filed by him to avoid penal proceedings. He also yet further contended that the last assessment of the jewellery made for the asst. yr. 1979-80 stood at Rs. 1,06,480, which was on the basis of the weight of the gold originally possessed by the assessee and which was declared at 1,136,3920 gms. (sic). The assessee also informed the IAC of IT(Asst.) that there has been no change in the rates of gold for the asst. yr. 1979-80 and 1980-81, hence the proposed appreciation and the resultant addition was not warranted. 3. The ld. first appellate authority (Commissioner of Wealth-tax,Agra) worked out the holding of the assessee's jewellery as 1,224....

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....anted by the ld. first appellate authority since the Revenue contends that the basis for calculating the weight of jewellery is incorrect as also that allowance of deduction at 8 per cent was not warranted, since the jewellery was of 24 carats purity. 7. Shri Chopra was also heard at length in the presence of Shri S.P. Jain, the ld. Departmental representative. We have also given due consideration to assessee's paper book which, inter alia, contain copy of assessee's letter dt.10th Nov.,1983involving asst. yr. 1980-81 and copies of orders of the ld. AAC made for the asst. yrs. 1974-75 and 1975-76 along with copy of assessment order for the asst. yr. 1975-76 in the case of the assessee. Extracts from Board's Circular No. 3 dt 28th Sept., ....