Interested person substitution changes standing and trust-treatment under amended wealth-tax rules and related proviso adjustments. The amendment replaced references to third-party taxpayers with 'interested person', omitted a clause, adjusted provisos to apply substantial-interest tests consistent with the income-tax provision, modified rate application and exceptions for notified trusts and institutions, and revised the Explanation to define 'interested person' and deem parts of a trust's property or income as used for an interested person's benefit when conditions mirroring the income-tax trust-benefit test occur within the valuation period.
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Provisions expressly mentioned in the judgment/order text.
Interested person substitution changes standing and trust-treatment under amended wealth-tax rules and related proviso adjustments.
The amendment replaced references to third-party taxpayers with "interested person", omitted a clause, adjusted provisos to apply substantial-interest tests consistent with the income-tax provision, modified rate application and exceptions for notified trusts and institutions, and revised the Explanation to define "interested person" and deem parts of a trust's property or income as used for an interested person's benefit when conditions mirroring the income-tax trust-benefit test occur within the valuation period.
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