https://www.taxtmi.com/caselaws?id=5765 The Supreme Court held that only the value of the interest of the beneficiary in the trust, and not the corpus of the trust itself, should be included in the net wealth for wealth-tax assessment. The Court clarified that under sections 21(1) and 21(4) of the Wealth-tax Act, the trustee's liability is limited to the aggregate liability of the beneficiaries, and no part of the trust corpus can be assessed in the trustee's hands. The Court partially ruled in favor of the assessee, disagreeing with the High Court's direction to assess the trustee on the entire trust fund value as an individual. en-us Fri, 08 Oct 1999 00:00:00 +0530 Thu, 27 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5765 The Supreme Court held that only the value of the interest of the beneficiary in the trust, and not the corpus of the trust itself, should be included in the net wealth for wealth-tax assessment. The Court clarified that under sections 21(1) and 21(4) of the Wealth-tax Act, the trustee's liability is limited to the aggregate liability of the beneficiaries, and no part of the trust corpus can be assessed in the trustee's hands. The Court partially ruled in favor of the assessee, disagreeing with the High Court's direction to assess the trustee on the entire trust fund value as an individual. Case-Laws Wealth-tax Fri, 08 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5765