https://www.taxtmi.com/caselaws?id=169657 The court held that the right of the assessee to receive a specified share of the net income from the wakf estate is an asset assessable to wealth-tax. The value of the assessee's interest was to be capitalized based on standard valuation tables. The court clarified that the right to receive allowances from the wakf estate does not constitute an annuity and must be valued for wealth-tax purposes. The court also determined that the allowance payable to beneficiaries is not an allowance by way of maintenance and is exigible to wealth-tax. The assessee was directed to pay the costs of the reference. en-us Fri, 04 Dec 1964 00:00:00 +0530 Wed, 29 Apr 2015 12:46:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169657 The court held that the right of the assessee to receive a specified share of the net income from the wakf estate is an asset assessable to wealth-tax. The value of the assessee's interest was to be capitalized based on standard valuation tables. The court clarified that the right to receive allowances from the wakf estate does not constitute an annuity and must be valued for wealth-tax purposes. The court also determined that the allowance payable to beneficiaries is not an allowance by way of maintenance and is exigible to wealth-tax. The assessee was directed to pay the costs of the reference. Case-Laws Income Tax Fri, 04 Dec 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169657