https://www.taxtmi.com/caselaws?id=407320 Seized gold and gold coins were treated as not carrying their ordinary open-market value for wealth-tax purposes where the assessee's right to possess, tender, or deal with the assets had been frustrated by seizure and possible confiscation. The Court accepted that the department's own action prevented the assessee from completing investment under the gold bond scheme, so the exemption claim could not be defeated by that seizure. It also endorsed an equitable approach on the facts and held that a defective recovery notice lacking adequate particulars could not stand, while preserving liberty to issue a fresh notice and directing release of the articles subject to proof of heirship. en-us Wed, 05 May 2021 00:00:00 +0530 Wed, 04 Aug 2021 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407320 Seized gold and gold coins were treated as not carrying their ordinary open-market value for wealth-tax purposes where the assessee's right to possess, tender, or deal with the assets had been frustrated by seizure and possible confiscation. The Court accepted that the department's own action prevented the assessee from completing investment under the gold bond scheme, so the exemption claim could not be defeated by that seizure. It also endorsed an equitable approach on the facts and held that a defective recovery notice lacking adequate particulars could not stand, while preserving liberty to issue a fresh notice and directing release of the articles subject to proof of heirship. Case-Laws Wealth-tax Wed, 05 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407320