https://www.taxtmi.com/caselaws?id=11722 The court upheld the Tribunal's decision, ruling in favor of the trust and against the Revenue. It clarified that the trust should be treated as an individual for tax assessment purposes under section 21(4) of the Wealth-tax Act and should receive all exemptions available to individuals under section 5 of the Act. The judgment emphasized that the trustee of a discretionary trust should be considered as an individual for tax purposes, entitling the trust to the same deductions as an individual taxpayer. en-us Mon, 18 Nov 2002 00:00:00 +0530 Sat, 06 Feb 2010 16:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11722 The court upheld the Tribunal's decision, ruling in favor of the trust and against the Revenue. It clarified that the trust should be treated as an individual for tax assessment purposes under section 21(4) of the Wealth-tax Act and should receive all exemptions available to individuals under section 5 of the Act. The judgment emphasized that the trustee of a discretionary trust should be considered as an individual for tax purposes, entitling the trust to the same deductions as an individual taxpayer. Case-Laws Wealth-tax Mon, 18 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11722