https://www.taxtmi.com/caselaws?id=18783 The court ruled in favor of the assessee against the Revenue in a Reference Case under the Wealth-tax Act. It held that deductions under section 5(1A) should be allowed for a beneficiary with only a life interest in trusts, emphasizing the importance of considering entitled exemptions for determining accurate net wealth. Additionally, it deemed it legal to entertain appeals under section 23 against orders passed under section 16, even if exemptions were not initially claimed, as the Wealth-tax Officer must assess tax based on net wealth as per Act provisions, including entitled exemptions. en-us Mon, 27 Mar 1995 00:00:00 +0530 Mon, 02 Nov 2009 10:31:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18783 The court ruled in favor of the assessee against the Revenue in a Reference Case under the Wealth-tax Act. It held that deductions under section 5(1A) should be allowed for a beneficiary with only a life interest in trusts, emphasizing the importance of considering entitled exemptions for determining accurate net wealth. Additionally, it deemed it legal to entertain appeals under section 23 against orders passed under section 16, even if exemptions were not initially claimed, as the Wealth-tax Officer must assess tax based on net wealth as per Act provisions, including entitled exemptions. Case-Laws Wealth-tax Mon, 27 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18783