https://www.taxtmi.com/caselaws?id=67042 An unaccepted settlement offer made in income-tax proceedings could not, by itself, justify reopening wealth-tax assessments or sustain an addition, because the revenue could not reject the offer and simultaneously treat it as conclusive evidence of taxable wealth; only the specific cash credits and hundi loans denied by named creditors remained non-genuine, so the broader Rs. 3 lakhs addition failed. A separate income-tax finding that a sum represented undisclosed income did not automatically prove the asset existed on the relevant valuation date for wealth-tax purposes; absent proof of possession in the assessee's hands, the Rs. 50,000 addition was deleted. The departmental appeals failed and the appellate relief was maintained. en-us Wed, 12 May 1982 00:00:00 +0530 Tue, 08 Mar 2011 18:12:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67042 An unaccepted settlement offer made in income-tax proceedings could not, by itself, justify reopening wealth-tax assessments or sustain an addition, because the revenue could not reject the offer and simultaneously treat it as conclusive evidence of taxable wealth; only the specific cash credits and hundi loans denied by named creditors remained non-genuine, so the broader Rs. 3 lakhs addition failed. A separate income-tax finding that a sum represented undisclosed income did not automatically prove the asset existed on the relevant valuation date for wealth-tax purposes; absent proof of possession in the assessee's hands, the Rs. 50,000 addition was deleted. The departmental appeals failed and the appellate relief was maintained. Case-Laws Wealth-tax Wed, 12 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67042