https://www.taxtmi.com/caselaws?id=19227 The High Court of Rajasthan ruled in favor of the assessee, determining that the shares of beneficiaries in a trust income were known and determinate, thus applying section 21(1) of the Wealth-tax Act, 1957. The court emphasized that specific directions for payments to beneficiaries rendered their interests determinate, aligning with legal precedents. The judgment rejected the Revenue's argument for the application of section 21(4) and upheld the decision of the Income-tax Appellate Tribunal, concluding that the beneficiaries' shares were ascertainable based on the terms of the trust deed. en-us Thu, 21 Jul 1994 00:00:00 +0530 Wed, 04 Nov 2009 17:03:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19227 The High Court of Rajasthan ruled in favor of the assessee, determining that the shares of beneficiaries in a trust income were known and determinate, thus applying section 21(1) of the Wealth-tax Act, 1957. The court emphasized that specific directions for payments to beneficiaries rendered their interests determinate, aligning with legal precedents. The judgment rejected the Revenue's argument for the application of section 21(4) and upheld the decision of the Income-tax Appellate Tribunal, concluding that the beneficiaries' shares were ascertainable based on the terms of the trust deed. Case-Laws Wealth-tax Thu, 21 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19227