1984 (8) TMI 196

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ich were used by the firm for its business. The value of these properties were, however, reflected in the firm's balance-sheet. The assessee claimed exemption under s. 5(1) (iv) in respect of the value of her interest in the immovable properties that was shown in the firm's account. The ITO negatived the assessee's claim for deduction under s. 5(1) (iv) amounting to Rs. 32,787, Rs. 33,776, Rs. 39,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....relief of Rs. 27,303, Rs. 16,000, Rs. 38,762 and Rs. 89,444 respectively. Against the said consolidated order of the AAC dt. 16th March, 1983 the Department has come up in appeals against both the relief allowed by the AAC under s. 5(1)(iv) of WT Act and in respect of reduction allowed in the value of the jewellery estimated by the WTO. The assessee, on the other hand has, filed cross objections i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he asst. yr. 1976-77 the WTO accepted the value of the jewellery as shown in the return at Rs. 2,92,947 which was based on the approved valuer's report in respect of the valuation date ending 31st March, 1976. It has been stated that the WTO did not accept the value shown by the assessee in her returns for the subsequent years, since no separate valuation report for the asst. yrs. 1977-78 to 1980-....