Values of property & jewellery: cost of fmv?

If the Market Value of these assets it very hihg as compared to the cost at whihc they were acquired, then in such case the FMV of teh asset may be taken.

I guess what you're telling is as per Accounting Standards. If at all there is an enquiry/scrutiny from the AO, and there is no valuation to support it, can the assessee be in trouble?

Should a valuation be done in such a case?

In such case the dept will ask an valuation officer to make a valuation of the asset & accordingly the same would be offered for taxation.

But it would be wise if you make a valuation from a valuation officer, so that it would be a true evidence.