2018 (3) TMI 814

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....d valuation report inspite of the fact that current valuation of the assets was available with the assessee at the time of filing of Wealth Tax return?   2. The assessees were subjected to search under Section 132 of the Income Tax Act, 1961 on 20.01.2012. Based upon the valuation of their assets, which included jewellery, the Wealth Tax Officer (WTO) made additions in excess of `88 lacs which resulted in wealth tax liability. The challenge to the Commissioner of Wealth Tax was unsuccessful. Consequently, they appealed to the Tribunal which granted relief, based upon a circular issued on 15.03.1993.   3. It is urged on behalf of the Revenue that the circular in this case merely allows the assessee to use the report of the re....

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....port of a registered valuer in the prescribed form, where the value of the jewellery on the valuation date exceeds rupees five lakhs.   (3) Notwithstanding anything mentioned in sub-rule (2), the Assessing Officer may, if he is of opinion, that the value of the jewellery declared in the return   (a) is less than its fair market value by such percentage or such amount as is prescribed under sub-clause (i) of clause (b) of sub-section (1) of section 16 A;   (b) is less than its fair market value as referred to in clause (a) of sub-section (a) of section 16A, he may refer the valuation of such jewellery to a Valuation Officer under subsection (1) of the said section and the value of such jewellery shall be t....