https://www.taxtmi.com/caselaws?id=19403 The court affirmed that the shares of the beneficiaries of the trust were definite and ascertainable. It was determined that the grandchildren were the sole beneficiaries entitled to equal shares upon the trust's expiration. The court clarified that family members residing rent-free were not beneficiaries, as the trust deed explicitly identified only the grandchildren as beneficiaries with equal shares. The court rejected the Revenue's arguments regarding the determinacy of shares and valuation of certain properties, ruling in favor of the assessee against the Revenue. en-us Tue, 11 Oct 1994 00:00:00 +0530 Fri, 06 Nov 2009 10:18:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19403 The court affirmed that the shares of the beneficiaries of the trust were definite and ascertainable. It was determined that the grandchildren were the sole beneficiaries entitled to equal shares upon the trust's expiration. The court clarified that family members residing rent-free were not beneficiaries, as the trust deed explicitly identified only the grandchildren as beneficiaries with equal shares. The court rejected the Revenue's arguments regarding the determinacy of shares and valuation of certain properties, ruling in favor of the assessee against the Revenue. Case-Laws Wealth-tax Tue, 11 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19403