9911796707
TMI Blog1990 (11) TMI 192X X X X Extracts X X X X X X X X Extracts X X X X ..... value of 3582 grams of jewellery and gold seized from him by the Central Excise authorities on the ground that the seized assets were not in his possession and that the same may ultimately be forfeited to Govenment. But the Wealth-tax officer did not accept the contention of the assessee for the reason that the assessee has not chosen to disown the ownership of the jewellery and was trying his best to get back the seized assets. The Wealth-tax Officer, therefore, completed the assessments for the two years under appeal including the value of the seized items of gold and jewellery and the value of other immovable properties. The assessee appealed against the inclusion of the value of the property at Kranganoor having an extent of 9.5 cents a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Appellate Assistant Commissioner held that as on the relevant valuation dates the value of the jewellery in question had to be included as wealth of the assessee. Against this order of the Appellate Assistant Commissioner, the assessee has preferred these second appeals. 3. At the time of hearing the appeals, the first ground regarding the value of the land was not pressed. Hence the ground for the two years is dismissed and the finding of the Appellate Assistant Commissioner regarding the valuation of the land is confirmed. 4. In respect of the value of seized gold and gold jewellery it was contended for the assessee that the Collector of Customs had, in fact, absolutely confiscated the above items, that the Customs, Excise and Gold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ustoms before the Customs, Excise and Gold (Control) Appellate Tribunal, South Regional Bench at Madras. The said Tribunal by its order dated 1-8-1986, modified the order of confiscation in respect of the primary gold coins, gold ingots etc. and permitted redemption of the same by the assessee on payment of a fine of Rs. 3,50,000. The Tribunal held that the assessee shall exercise the option within two months after the receipt of the Tribunal's order and convert the primary gold into ornaments within four weeks and thereafter report compliance of the same to the Collector of Customs, Cochin, failing which the gold coins and standard gold bars etc., would be liable for confiscation. In this background the question that arises is whether the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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