https://www.taxtmi.com/caselaws?id=66868 For wealth-tax purposes, only assets and debts existing on the valuation date are relevant: a stayed excise penalty remained a deductible debt, so the assessee succeeded on that issue. The entire value of silver found in search was includible once ownership was affirmed, so the assessee failed. Of the 123 kgs. of gold, 57 kgs. remained includible because title was asserted and traceable, but the remaining 66 kgs. was treated as lost and not taxable as net wealth. Confiscated gold of 240.040 kgs. was excluded because confiscation extinguished the assessee's title, so the Revenue failed on that issue. en-us Fri, 07 Oct 1994 00:00:00 +0530 Mon, 07 Mar 2011 17:51:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66868 For wealth-tax purposes, only assets and debts existing on the valuation date are relevant: a stayed excise penalty remained a deductible debt, so the assessee succeeded on that issue. The entire value of silver found in search was includible once ownership was affirmed, so the assessee failed. Of the 123 kgs. of gold, 57 kgs. remained includible because title was asserted and traceable, but the remaining 66 kgs. was treated as lost and not taxable as net wealth. Confiscated gold of 240.040 kgs. was excluded because confiscation extinguished the assessee's title, so the Revenue failed on that issue. Case-Laws Wealth-tax Fri, 07 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66868