https://www.taxtmi.com/caselaws?id=9174 The High Court held that the securities, despite being in the names of individuals other than the trustee, were deemed as assets held by the trustee for the beneficiaries under section 21(1) of the Wealth-tax Act. The Court emphasized that legal ownership and control by the trustee rendered the assets taxable for wealth-tax purposes. Consequently, the assessee was found liable to be assessed for wealth-tax on the value of the life interest of the beneficiaries in the Government securities. The Court ruled in favor of the tax authority, ordering the assessee to bear the costs of the reference to the Commissioner. en-us Fri, 06 Apr 1973 00:00:00 +0530 Sat, 20 Jun 2009 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9174 The High Court held that the securities, despite being in the names of individuals other than the trustee, were deemed as assets held by the trustee for the beneficiaries under section 21(1) of the Wealth-tax Act. The Court emphasized that legal ownership and control by the trustee rendered the assets taxable for wealth-tax purposes. Consequently, the assessee was found liable to be assessed for wealth-tax on the value of the life interest of the beneficiaries in the Government securities. The Court ruled in favor of the tax authority, ordering the assessee to bear the costs of the reference to the Commissioner. Case-Laws Wealth-tax Fri, 06 Apr 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9174