https://www.taxtmi.com/caselaws?id=407320 Seized gold and gold coins, where confiscation proceedings and departmental action deprived the owner of possession, enjoyment and dealing rights, cannot be assigned ordinary open-market value for wealth-tax computation merely because legal ownership remains. The impaired ownership rights rendered the assets commercially unreal on the relevant valuation dates, so their market value was not includible in net wealth. Where seizure prevented tender under the gold bond scheme despite entitlement to invest, the exemption benefit was accepted on substance and equitable grounds. A recovery notice lacking adequate particulars was set aside, while permitting a fresh notice in accordance with law; release of seized articles remained conditional on 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, where confiscation proceedings and departmental action deprived the owner of possession, enjoyment and dealing rights, cannot be assigned ordinary open-market value for wealth-tax computation merely because legal ownership remains. The impaired ownership rights rendered the assets commercially unreal on the relevant valuation dates, so their market value was not includible in net wealth. Where seizure prevented tender under the gold bond scheme despite entitlement to invest, the exemption benefit was accepted on substance and equitable grounds. A recovery notice lacking adequate particulars was set aside, while permitting a fresh notice in accordance with law; release of seized articles remained conditional on proof of heirship. Case-Laws Wealth-tax Wed, 05 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407320