https://www.taxtmi.com/caselaws?id=221109 In wealth-tax matters, the valuation date is decisive, and earlier assessment of undisclosed income does not by itself establish that the same assets continued to exist on later dates. The Court applied the principle that a prior presumption of asset existence can be displaced by the passage of time, and that no presumption remains that secret profits or intangible additions were still held by the assessee after a sufficiently long lapse. On that basis, the additions could not be treated as wealth on the later valuation dates, and the issue was resolved in favour of the assessee. en-us Wed, 12 Dec 2012 00:00:00 +0530 Fri, 28 Jun 2013 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221109 In wealth-tax matters, the valuation date is decisive, and earlier assessment of undisclosed income does not by itself establish that the same assets continued to exist on later dates. The Court applied the principle that a prior presumption of asset existence can be displaced by the passage of time, and that no presumption remains that secret profits or intangible additions were still held by the assessee after a sufficiently long lapse. On that basis, the additions could not be treated as wealth on the later valuation dates, and the issue was resolved in favour of the assessee. Case-Laws Wealth-tax Wed, 12 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221109