Valuation accepted for Wealth-tax Act, should also be adopted under Income-tax Act

Revenue having accepted the declaration of the valuation of the selfsame jewellery given by the assessee as on 31st March, 1989 as correct valuation for the purpose of Wealth Tax Act, there is no reason why the same valuation should not be treated to be a reliable base for the purpose of computing the capital gain under the Act by the process of reverse indexation. We do not find any reason to disbelieve the valuation given by the assessee under the Wealth Tax Act as on 31st March, 1989 based on the valuation assessed by a Registered Valuer in terms of the said Statute. The Revenue having acce...