Like I say, if you look at the way it's wired, the capacitor enters into the circuit when the switch is in the down position, and capacitors as a rule add bass/ reduce treble rather than cutting bass, hence a tone control acting as a gate for a capacitor acting upon a pickup, i.e. tone on full is the natural sound of the pickup, tone rolled completely off is with the capacitor in full effect. Make sense?
So yeah, I'm 100% sure.
Unscrew the control plate and post a photo of the wiring, we'll be able to tell if anything's amiss.