https://www.taxtmi.com/caselaws?id=35648 Seized gold articles remained includible in the assessee's net wealth because ownership had not been divested on the valuation dates; seizure was only temporary and a mere possibility of confiscation did not affect title. For wealth-tax valuation under section 7(1) of the Wealth-tax Act, the open-market value can be reduced only by a present legal burden, restriction or encumbrance attaching to the asset on the valuation date. As no confiscation order had been passed and the assessee retained full ownership, the possible confiscation did not depress market value. The full market value was therefore properly included in taxable wealth. en-us Thu, 25 Jun 1981 00:00:00 +0530 Mon, 15 Mar 2010 17:29:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35648 Seized gold articles remained includible in the assessee's net wealth because ownership had not been divested on the valuation dates; seizure was only temporary and a mere possibility of confiscation did not affect title. For wealth-tax valuation under section 7(1) of the Wealth-tax Act, the open-market value can be reduced only by a present legal burden, restriction or encumbrance attaching to the asset on the valuation date. As no confiscation order had been passed and the assessee retained full ownership, the possible confiscation did not depress market value. The full market value was therefore properly included in taxable wealth. Case-Laws Wealth-tax Thu, 25 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35648