https://www.taxtmi.com/caselaws?id=69504 The Appellate Tribunal ITAT MADRAS-B ruled in a case involving the treatment of cash seized in a wealth-tax assessment that the seized cash did not cease to be an asset of the assessee as it was not confiscated. The voluntary disclosure reduced the tax liability, making the balance due to the assessee. The Tribunal held that the Commissioner acted as a bailee for the assessee, who retained ownership of the cash. Legal precedents and statutory amendments supported the assessee's ownership rights over the seized cash. As a result, the Tribunal directed the Wealth Tax Officer to exclude the seized cash amount from the assessee's assets, partially allowing the appeal in favor of the assessee. en-us Fri, 13 May 1983 00:00:00 +0530 Thu, 07 Apr 2011 13:28:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69504 The Appellate Tribunal ITAT MADRAS-B ruled in a case involving the treatment of cash seized in a wealth-tax assessment that the seized cash did not cease to be an asset of the assessee as it was not confiscated. The voluntary disclosure reduced the tax liability, making the balance due to the assessee. The Tribunal held that the Commissioner acted as a bailee for the assessee, who retained ownership of the cash. Legal precedents and statutory amendments supported the assessee's ownership rights over the seized cash. As a result, the Tribunal directed the Wealth Tax Officer to exclude the seized cash amount from the assessee's assets, partially allowing the appeal in favor of the assessee. Case-Laws Wealth-tax Fri, 13 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69504