https://www.taxtmi.com/caselaws?id=12973 Wealth-tax liability must be determined by the property's value on the relevant valuation date, not by a later sale price realised after that date. A subsequent market realisation does not justify reopening a concluded assessment to substitute the later sale proceeds for the earlier valuation. The Tribunal was therefore correct in rejecting reassessment on that basis, and the issue was answered in favour of the assessee and against the Revenue. en-us Mon, 18 Jun 2001 00:00:00 +0530 Mon, 25 May 2009 16:32:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12973 Wealth-tax liability must be determined by the property's value on the relevant valuation date, not by a later sale price realised after that date. A subsequent market realisation does not justify reopening a concluded assessment to substitute the later sale proceeds for the earlier valuation. The Tribunal was therefore correct in rejecting reassessment on that basis, and the issue was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Mon, 18 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12973