https://www.taxtmi.com/caselaws?id=22637 The court held that the entire value of the trust property was included in the net wealth of the trustees due to the indeterminate nature of Hemant's interest. Consequently, the trustees were liable to pay wealth-tax on the entire trust property. The reassessment of the trustees based on the Appellate Assistant Commissioner's order was deemed valid for the assessment year 1958-59 but invalid for subsequent years as no new information was provided. Hemant's interest was not included in his net wealth, affirming the trustees' liability for wealth-tax. The court ruled in favor of the assessee on most issues, except for the validity of reassessment based on the Tribunal's order for certain years. en-us Mon, 25 Jun 1990 00:00:00 +0530 Fri, 11 Dec 2009 16:27:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22637 The court held that the entire value of the trust property was included in the net wealth of the trustees due to the indeterminate nature of Hemant's interest. Consequently, the trustees were liable to pay wealth-tax on the entire trust property. The reassessment of the trustees based on the Appellate Assistant Commissioner's order was deemed valid for the assessment year 1958-59 but invalid for subsequent years as no new information was provided. Hemant's interest was not included in his net wealth, affirming the trustees' liability for wealth-tax. The court ruled in favor of the assessee on most issues, except for the validity of reassessment based on the Tribunal's order for certain years. Case-Laws Wealth-tax Mon, 25 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22637