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2005 (8) TMI 39 - RAJASTHAN HIGH COURTWhether Tribunal was right in law in treating the assessee to be the owner of the gold in question and estimating the value of the assessee's interest in the said gold at 25 per cent, of the market value of gold on the relevant valuation date - Whether, Tribunal was justified in estimating the value of 57 kgs. of gold at 25 per cent, of the market value on the relevant dates – held that the primary gold in question so delivered to the Government Treasury by assessee could not have been owned or possessed by him after the expiry of six months period from the commencement of sub-rules (1A) and (1B) of rule 126H of the Defence of India Rules, 1962, i.e., from November 1, 1966. However, on the expiry of the period envisaged under sub-rule (1B) (iii) of rule 126H, the right which belongs to the assessee was to receive the cash value in lieu of the primary gold as on May 1, 1967. The value of such right was includible in the net wealth of the assessee on a each successive valuation date. In case he is found to be entitled to any interest on such amount, the accumulated amount of interest up to each valuation date will also be includible in the net wealth of the assessee. The assessee is not entitled to be a deemed holder of 61/2 per cent. Gold Bonds, or 7 per cent. Gold Bonds, 1980, or National Defence Gold Bonds, under the respective schemes, therefore, he is not entitled to claim exemption on the value of the asset belonging to him under section 5(1)(xvia). In the aforesaid circumstances it cannot be held that the value in respect of the asset in question be treated to be nil
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