https://www.taxtmi.com/caselaws?id=37738 The court upheld the Wealth-tax Officer's use of the official exchange rate for valuing foreign wealth in Ceylon rupees, emphasizing the assessment should reflect the hypothetical open market value. However, it directed the Tribunal to allow the assessee to present evidence of the real exchange value for a fair reassessment, highlighting the importance of considering actual exchange rates in determining net wealth for wealth-tax purposes. en-us Tue, 11 Apr 1978 00:00:00 +0530 Wed, 31 Mar 2010 17:13:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37738 The court upheld the Wealth-tax Officer's use of the official exchange rate for valuing foreign wealth in Ceylon rupees, emphasizing the assessment should reflect the hypothetical open market value. However, it directed the Tribunal to allow the assessee to present evidence of the real exchange value for a fair reassessment, highlighting the importance of considering actual exchange rates in determining net wealth for wealth-tax purposes. Case-Laws Wealth-tax Tue, 11 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37738