https://www.taxtmi.com/caselaws?id=15224 The Court held that advance tax paid should not be deducted from the provision for taxation while computing the market value of equity shares for wealth tax purposes. It clarified that advance tax, if shown as a liability in the balance sheet, should be excluded from the liabilities side. Regarding the inclusion of trust corpus in net wealth assessment, only the beneficial interest of the beneficiaries should be considered, not the entire corpus of the trust. The liability of the trustee cannot exceed the aggregate liability of the beneficiaries, and thus, no part of the trust properties' corpus should be assessed. en-us Tue, 06 Oct 1998 00:00:00 +0530 Mon, 03 Aug 2009 17:41:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15224 The Court held that advance tax paid should not be deducted from the provision for taxation while computing the market value of equity shares for wealth tax purposes. It clarified that advance tax, if shown as a liability in the balance sheet, should be excluded from the liabilities side. Regarding the inclusion of trust corpus in net wealth assessment, only the beneficial interest of the beneficiaries should be considered, not the entire corpus of the trust. The liability of the trustee cannot exceed the aggregate liability of the beneficiaries, and thus, no part of the trust properties' corpus should be assessed. Case-Laws Wealth-tax Tue, 06 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15224