https://www.taxtmi.com/caselaws?id=70367 The Appellate Tribunal ITAT MADRAS-D ruled in favor of the assessees, late Kamalambal Ammal and her great-granddaughter, Vidyalakshmi, in a case concerning the valuation of jewellery for net wealth computation. The Tribunal held that since the assessees retained ownership of the jewellery and there was no confiscation order on the valuation dates, the jewellery should not be considered as part of their assets. The Tribunal directed the exclusion of the jewellery's value from the net wealth computation, considering the encumbrances related to tax liabilities. en-us Fri, 01 Jun 1984 00:00:00 +0530 Fri, 15 Apr 2011 17:47:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70367 The Appellate Tribunal ITAT MADRAS-D ruled in favor of the assessees, late Kamalambal Ammal and her great-granddaughter, Vidyalakshmi, in a case concerning the valuation of jewellery for net wealth computation. The Tribunal held that since the assessees retained ownership of the jewellery and there was no confiscation order on the valuation dates, the jewellery should not be considered as part of their assets. The Tribunal directed the exclusion of the jewellery's value from the net wealth computation, considering the encumbrances related to tax liabilities. Case-Laws Wealth-tax Fri, 01 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70367