https://www.taxtmi.com/caselaws?id=14925 A life interest created in favour of the assessee's wife under a completed settlement deed remained includible in the assessee's net wealth under section 4(1)(a)(i) of the Wealth-tax Act, 1957. The High Court noted that the deed had vested the remainder in another person and had been fully acted upon long before the later agreement to live apart. Because the assessee had no subsisting transferable interest in the agricultural lands on the relevant date, the subsequent agreement could not transform the earlier settlement into a transfer made in connection with living apart. The life interest was therefore treated as a taxable asset in the assessee's net wealth. en-us Wed, 11 Mar 1998 00:00:00 +0530 Mon, 27 Jul 2009 11:27:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14925 A life interest created in favour of the assessee's wife under a completed settlement deed remained includible in the assessee's net wealth under section 4(1)(a)(i) of the Wealth-tax Act, 1957. The High Court noted that the deed had vested the remainder in another person and had been fully acted upon long before the later agreement to live apart. Because the assessee had no subsisting transferable interest in the agricultural lands on the relevant date, the subsequent agreement could not transform the earlier settlement into a transfer made in connection with living apart. The life interest was therefore treated as a taxable asset in the assessee's net wealth. Case-Laws Wealth-tax Wed, 11 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14925