https://www.taxtmi.com/caselaws?id=117050 The Tribunal upheld the decision to appoint the assessee as an agent under Section 22 of the Wealth-tax Act and levy wealth-tax on gold ornaments. The Tribunal found that the assessee's possession of the gold indicated a representative capacity, supporting the AO's actions. The Tribunal emphasized that Section 22 allows treating a person in possession of an asset belonging to an NRI as an agent for tax purposes, irrespective of possession nature under the Contract Act. The appeals were dismissed, affirming the AO's decision. en-us Mon, 31 Mar 2003 00:00:00 +0530 Tue, 19 Jun 2012 17:56:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117050 The Tribunal upheld the decision to appoint the assessee as an agent under Section 22 of the Wealth-tax Act and levy wealth-tax on gold ornaments. The Tribunal found that the assessee's possession of the gold indicated a representative capacity, supporting the AO's actions. The Tribunal emphasized that Section 22 allows treating a person in possession of an asset belonging to an NRI as an agent for tax purposes, irrespective of possession nature under the Contract Act. The appeals were dismissed, affirming the AO's decision. Case-Laws Income Tax Mon, 31 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117050