No market value could be ascribed for valuation of seized gold/assets for Wealth Tax

Nirajkumar N. Rungta & Anr. Vs Commissioner of Wealth Tax (Bombay High Court)  The assesse moved to the Hon’ble High Court under the provisions of Section 27-A of Wealth Tax Act, wherein the following common questions of law were raised: (i) Whether, on the facts and in the circumstances of the case the Tribunal erred in law in including the market value of the said gold in the computation of net wealth of the original petitioner ? (ii) Whether, on the facts and in the circumstances of the case the Tribunal erred in law in rejecting the assessee’s submissions that even if the said...