https://www.taxtmi.com/caselaws?id=216862 For wealth-tax purposes, only assets legally belonging to an assessee on the valuation date form part of net wealth. A forfeiture order under SAFEMA, once in force, divests the assessee of ownership and vests the property in the Central Government free from encumbrances; pending appeal does not revive ownership unless the order is stayed or set aside. As the forfeiture order remained operative on the relevant valuation dates, the silver bars had ceased to belong to the assessee and their value was not includible in net wealth. en-us Tue, 04 Sep 2012 00:00:00 +0530 Sat, 22 Sep 2012 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216862 For wealth-tax purposes, only assets legally belonging to an assessee on the valuation date form part of net wealth. A forfeiture order under SAFEMA, once in force, divests the assessee of ownership and vests the property in the Central Government free from encumbrances; pending appeal does not revive ownership unless the order is stayed or set aside. As the forfeiture order remained operative on the relevant valuation dates, the silver bars had ceased to belong to the assessee and their value was not includible in net wealth. Case-Laws Wealth-tax Tue, 04 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216862