https://www.taxtmi.com/caselaws?id=23245 Ownership for wealth-tax purposes depended on the valuation date: Ferreira Mansion was treated as not belonging to the assessee, and the property at plots Nos. 14 and 15 on Sitaladevi Temple Road was also held not to vest in the assessee on that date. The existence of any trust and corresponding life interest was assessed by reference to when the declarations became effective; because they operated only from the consent decree, they could not retrospectively create a trust or life interest for an earlier valuation date. The decision also noted that any claimed annuity exemption under the Wealth-tax Act turned on that timing issue. en-us Thu, 21 Jun 1990 00:00:00 +0530 Thu, 17 Dec 2009 17:25:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23245 Ownership for wealth-tax purposes depended on the valuation date: Ferreira Mansion was treated as not belonging to the assessee, and the property at plots Nos. 14 and 15 on Sitaladevi Temple Road was also held not to vest in the assessee on that date. The existence of any trust and corresponding life interest was assessed by reference to when the declarations became effective; because they operated only from the consent decree, they could not retrospectively create a trust or life interest for an earlier valuation date. The decision also noted that any claimed annuity exemption under the Wealth-tax Act turned on that timing issue. Case-Laws Wealth-tax Thu, 21 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23245