https://www.taxtmi.com/caselaws?id=22942 The court concluded that the assessee's life interest in the trust fund constituted an "asset" under section 2(e) of the Wealth-tax Act and could be valued under section 7(1). The life interest did not qualify as an "annuity" exempt under section 2(e)(iv) as it was not a fixed or pre-determined amount. Therefore, the court held that the life interest was not an annuity and was subject to valuation, ruling in favor of the Revenue with no order as to costs. en-us Sat, 07 Jul 1990 00:00:00 +0530 Tue, 15 Dec 2009 14:18:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22942 The court concluded that the assessee's life interest in the trust fund constituted an "asset" under section 2(e) of the Wealth-tax Act and could be valued under section 7(1). The life interest did not qualify as an "annuity" exempt under section 2(e)(iv) as it was not a fixed or pre-determined amount. Therefore, the court held that the life interest was not an annuity and was subject to valuation, ruling in favor of the Revenue with no order as to costs. Case-Laws Wealth-tax Sat, 07 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22942