https://www.taxtmi.com/caselaws?id=7999 The court held that the trustees held the assets on behalf of the beneficiaries under the trust deed. The known or determinate shares of the beneficiaries attracted assessment under section 21(1) of the Wealth-tax Act. The court clarified that section 21(4) applied to the indeterminate shares. The trust was not eligible for exemption under section 5(1)(i) as no specific property was held for a public charitable or religious purpose. The judgment did not award costs, but the counsel's fee was assessed at Rs. 200. en-us Fri, 10 Jul 1970 00:00:00 +0530 Thu, 26 Mar 2009 18:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7999 The court held that the trustees held the assets on behalf of the beneficiaries under the trust deed. The known or determinate shares of the beneficiaries attracted assessment under section 21(1) of the Wealth-tax Act. The court clarified that section 21(4) applied to the indeterminate shares. The trust was not eligible for exemption under section 5(1)(i) as no specific property was held for a public charitable or religious purpose. The judgment did not award costs, but the counsel's fee was assessed at Rs. 200. Case-Laws Wealth-tax Fri, 10 Jul 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7999