https://www.taxtmi.com/caselaws?id=8440 A contingent interest in trust corpus arises where the trust deed makes vesting dependent on a future uncertain event, such as attaining a stated age or surviving a fixed period; a mere bare possibility of succession is only a spes successionis. On the wording of the settlements, the beneficiary's interest was treated as contingent proprietary interest rather than a mere expectancy. For wealth-tax, once the trust property had been assessed in the hands of trustees under section 21(4) in a representative capacity, the same assets could not again be directly assessed in the hands of the beneficiary for the same year. The representative assessment exhausted the charge on that trust property. en-us Wed, 22 Sep 1971 00:00:00 +0530 Wed, 15 Apr 2009 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8440 A contingent interest in trust corpus arises where the trust deed makes vesting dependent on a future uncertain event, such as attaining a stated age or surviving a fixed period; a mere bare possibility of succession is only a spes successionis. On the wording of the settlements, the beneficiary's interest was treated as contingent proprietary interest rather than a mere expectancy. For wealth-tax, once the trust property had been assessed in the hands of trustees under section 21(4) in a representative capacity, the same assets could not again be directly assessed in the hands of the beneficiary for the same year. The representative assessment exhausted the charge on that trust property. Case-Laws Wealth-tax Wed, 22 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8440