https://www.taxtmi.com/caselaws?id=5946 The Supreme Court upheld the High Court's decision that the life interest in the testamentary trust estate, including shares in an Indian company and commission from the managing agency, was not taxable under the Wealth-tax Act as it was considered a foreign asset due to administration under English law and the trustees' and beneficiary's residence in England. The court did not address the classification of the life interest as an annuity exempt under section 2(e)(iv) of the Wealth-tax Act. The appeal by the Revenue was dismissed, and no costs were awarded. en-us Fri, 29 Aug 1986 00:00:00 +0530 Thu, 30 Sep 2021 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5946 The Supreme Court upheld the High Court's decision that the life interest in the testamentary trust estate, including shares in an Indian company and commission from the managing agency, was not taxable under the Wealth-tax Act as it was considered a foreign asset due to administration under English law and the trustees' and beneficiary's residence in England. The court did not address the classification of the life interest as an annuity exempt under section 2(e)(iv) of the Wealth-tax Act. The appeal by the Revenue was dismissed, and no costs were awarded. Case-Laws Wealth-tax Fri, 29 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5946