https://www.taxtmi.com/caselaws?id=29403 The High Court ruled in favor of the assessee, determining that their interest in the trust fund was contingent and not subject to wealth tax assessment. The Court highlighted the discretionary power of the trustees over fund expenditure, emphasizing the lack of direct ownership or control by the assessee. As a result, the entire value of the trust fund was excluded from the net wealth calculation. The Court directed the Commissioner to bear the costs of the reference, concluding the judgment on the matter. en-us Sat, 30 Jan 1982 00:00:00 +0530 Fri, 12 Mar 2010 15:53:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29403 The High Court ruled in favor of the assessee, determining that their interest in the trust fund was contingent and not subject to wealth tax assessment. The Court highlighted the discretionary power of the trustees over fund expenditure, emphasizing the lack of direct ownership or control by the assessee. As a result, the entire value of the trust fund was excluded from the net wealth calculation. The Court directed the Commissioner to bear the costs of the reference, concluding the judgment on the matter. Case-Laws Wealth-tax Sat, 30 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29403