https://www.taxtmi.com/caselaws?id=64585 In wealth-tax proceedings, seized gold, silver ornaments and cash could not be included in net wealth unless the asset was shown to belong to the assessee on the valuation date. The assessee denied ownership, the Customs authority accepted that he was not the owner or in possession and control of the articles, and the revenue produced no independent proof of ownership. Mere seizure or possession was insufficient to fasten wealth-tax liability in the absence of an ownership finding. Confiscation of the smuggled gold also meant there was no asset remaining with the assessee for inclusion in wealth. en-us Wed, 17 Aug 1983 00:00:00 +0530 Tue, 08 Feb 2011 16:58:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64585 In wealth-tax proceedings, seized gold, silver ornaments and cash could not be included in net wealth unless the asset was shown to belong to the assessee on the valuation date. The assessee denied ownership, the Customs authority accepted that he was not the owner or in possession and control of the articles, and the revenue produced no independent proof of ownership. Mere seizure or possession was insufficient to fasten wealth-tax liability in the absence of an ownership finding. Confiscation of the smuggled gold also meant there was no asset remaining with the assessee for inclusion in wealth. Case-Laws Wealth-tax Wed, 17 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64585