https://www.taxtmi.com/caselaws?id=24464 Gold in the assessee's possession on the valuation date remained an asset for wealth-tax purposes despite being liable to seizure or confiscation under gold control restrictions, because possession raised a presumption of ownership and confiscation had not yet occurred in law; its value had to be determined on a hypothetical open-market basis, not at nil. An outstanding tax liability that was still under appeal was also deductible in computing net wealth because it existed on the valuation date and had been recognised as deductible in earlier binding authority. The reference was thus answered partly for the Revenue and partly for the assessee. en-us Thu, 11 Aug 1988 00:00:00 +0530 Wed, 20 Jan 2010 12:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24464 Gold in the assessee's possession on the valuation date remained an asset for wealth-tax purposes despite being liable to seizure or confiscation under gold control restrictions, because possession raised a presumption of ownership and confiscation had not yet occurred in law; its value had to be determined on a hypothetical open-market basis, not at nil. An outstanding tax liability that was still under appeal was also deductible in computing net wealth because it existed on the valuation date and had been recognised as deductible in earlier binding authority. The reference was thus answered partly for the Revenue and partly for the assessee. Case-Laws Wealth-tax Thu, 11 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24464