1980 (5) TMI 73

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....64,684 as against the value shown at Rs. 9,20,640 by the assessee. 2. The dispute relates to the valuation of the jewellery in this appeal. The assessee was in possession of jewellery weighing 17,767 grams on the valuation date i.e., 31st March, 1976 relevant to the asst. yr. 1976-77. The assessee disclosed the value of such jewellery at Rs. 9,20,640. It is undisputed that the said jewellery is studded with precious stones. The WTO valued the said jewellery at Rs. 532 per ten grams. The jewellery was, thus, assessed by the WTO at Rs. 10,64,684. Aggrieved assessee went in appeal to the AAC, relying on the earlier order, relating to the asst. yr. 1975-76 inter-alia, the AAC upheld the valuation of Rs. 10,64,684. Aggrieved, assessee has com....

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.... to the assessee as the labour charges equal to 15 per cent of the gross weight of the jewellery were not included by the assessee in the valuation. It appears from the order of the WTO that labour charges were set off for the deduction which the assessee was entitled to on account of mixture. The final argument of Shri Sogani is that deduction on account of mixture which the assessee is entitled to, cannot be equal to the labour charges. He urges before us that whereas the labour charges are much smaller, the assessee would be entitled to much higher deduction at the rate of 15 per cent on account of mixture. He, therefore, argues that deduction @ 15 per cent allowable to the assessee on account of mixture should have been separately compu....