https://www.taxtmi.com/caselaws?id=58012 Under the Wealth-tax Act, confiscated gold was not includible in net wealth on the relevant valuation dates because chargeability depends on real wealth existing on that date, and retrospective or deemed ownership could not be used to tax property no longer belonging to the assessee. The later restoration of the gold did not create ownership by relation back for wealth-tax purposes. A mere right to litigate for recovery was also not a taxable asset, because it was inchoate, uncertain in value, and not capable of reasonable valuation. The revenue's attempt to tax that right on an arbitrary basis was therefore unsustainable. en-us Fri, 23 Aug 1991 00:00:00 +0530 Wed, 15 Dec 2010 18:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58012 Under the Wealth-tax Act, confiscated gold was not includible in net wealth on the relevant valuation dates because chargeability depends on real wealth existing on that date, and retrospective or deemed ownership could not be used to tax property no longer belonging to the assessee. The later restoration of the gold did not create ownership by relation back for wealth-tax purposes. A mere right to litigate for recovery was also not a taxable asset, because it was inchoate, uncertain in value, and not capable of reasonable valuation. The revenue's attempt to tax that right on an arbitrary basis was therefore unsustainable. Case-Laws Wealth-tax Fri, 23 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58012