https://www.taxtmi.com/caselaws?id=210482 The court held that the respondent/assessee was not liable to pay wealth tax under Section 21AA for the assessment years in question. The court agreed with the Income Tax Appellate Tribunal's decision that members of the society did not have any right in the income or assets, making their shares nil or zero, thus rendering Section 21AA inapplicable. The court also noted that the amendment excluded societies registered under the Societies Registration Act, 1860, from the ambit of Section 21AA for the relevant assessment year. The questions of law were answered in favor of the assessee, with no order as to costs. en-us Fri, 03 Feb 2012 00:00:00 +0530 Mon, 13 Feb 2012 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210482 The court held that the respondent/assessee was not liable to pay wealth tax under Section 21AA for the assessment years in question. The court agreed with the Income Tax Appellate Tribunal's decision that members of the society did not have any right in the income or assets, making their shares nil or zero, thus rendering Section 21AA inapplicable. The court also noted that the amendment excluded societies registered under the Societies Registration Act, 1860, from the ambit of Section 21AA for the relevant assessment year. The questions of law were answered in favor of the assessee, with no order as to costs. Case-Laws Wealth-tax Fri, 03 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210482