https://www.taxtmi.com/caselaws?id=8638 The High Court ruled in favor of the assessee, stating that there was no evidence to suggest that the undisclosed income from previous years existed as assets on the valuation dates. The Court highlighted that there was no presumption that the income assessed in previous years continued to be assets of the assessee. As a result, the undisclosed income was not included in the net wealth of the assessee for the assessment years in question, favoring the assessee and ruling against the department. en-us Wed, 10 Nov 1971 00:00:00 +0530 Fri, 08 May 2009 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8638 The High Court ruled in favor of the assessee, stating that there was no evidence to suggest that the undisclosed income from previous years existed as assets on the valuation dates. The Court highlighted that there was no presumption that the income assessed in previous years continued to be assets of the assessee. As a result, the undisclosed income was not included in the net wealth of the assessee for the assessment years in question, favoring the assessee and ruling against the department. Case-Laws Wealth-tax Wed, 10 Nov 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8638