Your query does not give full details.
Intimation of assets to department is a departmental rule and can on violation involve only departmental action.Also informing the department does not make it fully legal.
Total assets owned by a person should match his income over the years.
If you can show to IT or court that each asset owned by you has been purchased by legitimate means from your income, from loans taken and repaid.gift from entitled persons etc then your battle is won.
Please consult a qualified CA.
Check of your tax returns for relevant period.For example you sell a flat,the sale details will mandatorily be required to given to IT department.