https://www.taxtmi.com/caselaws?id=37256 Concealed income assessed under an income-tax settlement could not be included in total wealth unless it was shown to remain available with the assessee on the relevant valuation dates. The Tribunal's finding that the amount was not in the assessee's hands on those dates was decisive, and mere assessment in income-tax proceedings did not establish continued ownership or possession for wealth-tax purposes. An amount can be treated as an asset only if it exists with the assessee on the valuation date. The deletion from wealth was therefore upheld. en-us Wed, 29 Aug 1979 00:00:00 +0530 Sat, 27 Mar 2010 16:40:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37256 Concealed income assessed under an income-tax settlement could not be included in total wealth unless it was shown to remain available with the assessee on the relevant valuation dates. The Tribunal's finding that the amount was not in the assessee's hands on those dates was decisive, and mere assessment in income-tax proceedings did not establish continued ownership or possession for wealth-tax purposes. An amount can be treated as an asset only if it exists with the assessee on the valuation date. The deletion from wealth was therefore upheld. Case-Laws Wealth-tax Wed, 29 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37256