https://www.taxtmi.com/caselaws?id=5843 The Supreme Court held that the interest of the assessee in the trust fund did not qualify as an annuity exempt under section 2(e)(iv) of the Wealth-tax Act. The court emphasized that the right to receive the net income from the trust fund was not a fixed or predetermined sum payable periodically and could vary based on the income generated. The court rejected the High Court's reasoning and concluded that the assessee's interest constituted a life interest, not an annuity. The appeals were allowed, the High Court's judgment was set aside, and the decision was in favor of the department, with costs awarded against the assessee. en-us Tue, 09 Sep 1980 00:00:00 +0530 Fri, 28 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5843 The Supreme Court held that the interest of the assessee in the trust fund did not qualify as an annuity exempt under section 2(e)(iv) of the Wealth-tax Act. The court emphasized that the right to receive the net income from the trust fund was not a fixed or predetermined sum payable periodically and could vary based on the income generated. The court rejected the High Court's reasoning and concluded that the assessee's interest constituted a life interest, not an annuity. The appeals were allowed, the High Court's judgment was set aside, and the decision was in favor of the department, with costs awarded against the assessee. Case-Laws Wealth-tax Tue, 09 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5843