Wealth-tax assessment of trust property barred where beneficiaries are already assessed on their interests under binding precedent.

Where beneficiaries had already been assessed on their respective interests, the Wealth-tax Officer could not separately assess the trust property. The Bombay HC noted that the issue was governed by binding precedent of the same court, stated to have been approved by the Supreme Court, and on that basis answered the reference against the Revenue and in favour of the assessee.

---

---

Issues: Whether the Wealth-tax Officer could assess the trust in respect of the trust property when the beneficiaries had already been assessed on their respective interests.

Analysis: The question was covered by binding precedent of the same court, and that view was stated to have been approved by the Supreme Court. On that basis, the court answered the reference against the Revenue.

Conclusion: The Wealth-tax Officer could not assess the trust in the circumstances stated; the question was answered in the negative and in favour of the assessee.

---