https://www.taxtmi.com/caselaws?id=7061 The court ruled in favor of the assessee, holding that the beneficiaries' shares in the trust were determinate, thereby excluding the application of section 21(4) of the Wealth-tax Act. The court emphasized the vested rights of the beneficiaries in the trust funds, even with income distribution postponed until the settlor's death. The trust deed clearly defined each beneficiary's share, leading the court to reject the argument that accumulation during the settlor's lifetime rendered shares indeterminate. Costs were awarded to the assessee, with legal precedents cited to support the decision. en-us Tue, 18 Apr 1967 00:00:00 +0530 Sun, 08 Feb 2009 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7061 The court ruled in favor of the assessee, holding that the beneficiaries' shares in the trust were determinate, thereby excluding the application of section 21(4) of the Wealth-tax Act. The court emphasized the vested rights of the beneficiaries in the trust funds, even with income distribution postponed until the settlor's death. The trust deed clearly defined each beneficiary's share, leading the court to reject the argument that accumulation during the settlor's lifetime rendered shares indeterminate. Costs were awarded to the assessee, with legal precedents cited to support the decision. Case-Laws Wealth-tax Tue, 18 Apr 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7061