https://www.taxtmi.com/caselaws?id=69002 The Tribunal interpreted section 21(4) of the Wealth-tax Act, 1957, ruling that a discretionary trust is exempt from wealth-tax if its net wealth does not exceed the basic exemption limit. It held that the flat rate of one and a half per cent in section 21(4)(b) replaces the rates specified in the Schedule. The Tribunal granted exemption from wealth-tax for years where the net wealth was below the exemption limit but held the assessee liable for the year exceeding the limit, allowing some appeals and dismissing others accordingly. en-us Wed, 03 Feb 1988 00:00:00 +0530 Mon, 04 Apr 2011 14:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69002 The Tribunal interpreted section 21(4) of the Wealth-tax Act, 1957, ruling that a discretionary trust is exempt from wealth-tax if its net wealth does not exceed the basic exemption limit. It held that the flat rate of one and a half per cent in section 21(4)(b) replaces the rates specified in the Schedule. The Tribunal granted exemption from wealth-tax for years where the net wealth was below the exemption limit but held the assessee liable for the year exceeding the limit, allowing some appeals and dismissing others accordingly. Case-Laws Wealth-tax Wed, 03 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69002