https://www.taxtmi.com/caselaws?id=25724 The court held that the Wealth-tax Officer's subsequent assessment under section 21(1) after assessing under section 21(2) constituted impermissible double assessment. It was determined that only the beneficial interest, not the corpus of the trust, is subject to tax. The court clarified that assessing the corpus when the beneficial interest had already been assessed was erroneous. The court emphasized that the power to assess the trustees under section 21(1) is taken away once assessment is made on beneficiaries under section 21(2). The Tribunal's decision to cancel the assessments on trustees under section 21(1) was upheld, ruling in favor of the assessee against the Revenue. en-us Tue, 10 Feb 1987 00:00:00 +0530 Sat, 30 Jan 2010 14:47:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25724 The court held that the Wealth-tax Officer's subsequent assessment under section 21(1) after assessing under section 21(2) constituted impermissible double assessment. It was determined that only the beneficial interest, not the corpus of the trust, is subject to tax. The court clarified that assessing the corpus when the beneficial interest had already been assessed was erroneous. The court emphasized that the power to assess the trustees under section 21(1) is taken away once assessment is made on beneficiaries under section 21(2). The Tribunal's decision to cancel the assessments on trustees under section 21(1) was upheld, ruling in favor of the assessee against the Revenue. Case-Laws Wealth-tax Tue, 10 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25724