https://www.taxtmi.com/caselaws?id=70712 The Tribunal held that in the case of a discretionary trust, the income distributed to beneficiaries should be treated as liabilities deductible from the net wealth of the trust under the Wealth-tax Act, 1957. Unlike income tax assessments, where distributed income is not deductible, in wealth tax assessments, such amounts are considered liabilities. Therefore, the appeals filed by the revenue challenging the AAC's decision were dismissed. en-us Sat, 22 Jan 1983 00:00:00 +0530 Mon, 18 Apr 2011 17:14:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70712 The Tribunal held that in the case of a discretionary trust, the income distributed to beneficiaries should be treated as liabilities deductible from the net wealth of the trust under the Wealth-tax Act, 1957. Unlike income tax assessments, where distributed income is not deductible, in wealth tax assessments, such amounts are considered liabilities. Therefore, the appeals filed by the revenue challenging the AAC's decision were dismissed. Case-Laws Wealth-tax Sat, 22 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70712