https://www.taxtmi.com/caselaws?id=61806 For wealth-tax purposes, inclusion in net wealth depends on ownership on the valuation date, not mere possession. Gold and jewellery seized before the first valuation date remained includible because no confiscation order had yet been made, so ownership continued with the assessee. For the second valuation date, a confiscation order had already divested ownership, and a later redemption option did not relate back to restore ownership on that date. The seized assets were therefore includible for the earlier year and excluded for the later year. en-us Tue, 20 Nov 1990 00:00:00 +0530 Sat, 15 Jan 2011 11:30:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61806 For wealth-tax purposes, inclusion in net wealth depends on ownership on the valuation date, not mere possession. Gold and jewellery seized before the first valuation date remained includible because no confiscation order had yet been made, so ownership continued with the assessee. For the second valuation date, a confiscation order had already divested ownership, and a later redemption option did not relate back to restore ownership on that date. The seized assets were therefore includible for the earlier year and excluded for the later year. Case-Laws Wealth-tax Tue, 20 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61806