https://www.taxtmi.com/caselaws?id=256022 The court held that the children of the two women acquired accelerated interest in the trust properties upon the death of the ladies as per the Trust Deed. The beneficiaries' interest was assessable under Section 164 of the Income Tax Act, and the application of Section 21(4) of the Wealth Tax Act was deemed unnecessary as the beneficiaries were determinable. The court confirmed that the capital gains merged with the corpus, and the assessment should be under Section 21(1) of the Wealth Tax Act. The decision favored the Assessees, citing clarity in beneficiary identification and rejecting the application of Section 21(4). en-us Tue, 01 Jul 2014 00:00:00 +0530 Mon, 02 Feb 2015 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256022 The court held that the children of the two women acquired accelerated interest in the trust properties upon the death of the ladies as per the Trust Deed. The beneficiaries' interest was assessable under Section 164 of the Income Tax Act, and the application of Section 21(4) of the Wealth Tax Act was deemed unnecessary as the beneficiaries were determinable. The court confirmed that the capital gains merged with the corpus, and the assessment should be under Section 21(1) of the Wealth Tax Act. The decision favored the Assessees, citing clarity in beneficiary identification and rejecting the application of Section 21(4). Case-Laws Wealth-tax Tue, 01 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256022