https://www.taxtmi.com/caselaws?id=65884 A mere permissive right to wear jewellery was treated as non-proprietary and not an asset within the Wealth-tax Act, so it could not be assessed in the trustees' hands under section 21(1). Once the jewellery was sold, however, the beneficiaries' monetary and income-yielding entitlements, including the pocket-money and housing fund interests, became ascertainable beneficial interests capable of valuation and inclusion in net wealth under section 21(1). The remainder beneficiaries' interests were also found to be determinate because their identity and shares were ascertainable on the valuation date, making section 21(4) inapplicable. The discussion concludes that only ascertainable beneficial interests are taxable in trustees' hands. en-us Fri, 23 Dec 1994 00:00:00 +0530 Sat, 19 Feb 2011 10:47:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65884 A mere permissive right to wear jewellery was treated as non-proprietary and not an asset within the Wealth-tax Act, so it could not be assessed in the trustees' hands under section 21(1). Once the jewellery was sold, however, the beneficiaries' monetary and income-yielding entitlements, including the pocket-money and housing fund interests, became ascertainable beneficial interests capable of valuation and inclusion in net wealth under section 21(1). The remainder beneficiaries' interests were also found to be determinate because their identity and shares were ascertainable on the valuation date, making section 21(4) inapplicable. The discussion concludes that only ascertainable beneficial interests are taxable in trustees' hands. Case-Laws Wealth-tax Fri, 23 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65884