https://www.taxtmi.com/caselaws?id=29523 The High Court held in favor of the trustee, allowing exemption under s. 5(1)(iv) of the Wealth-tax Act for the property used by beneficiaries. The court emphasized that the trustee, as a representative assessee, could claim the exemption even if not personally using the property for residential purposes. Legal ownership by the trustee did not prevent beneficiaries from benefiting from exemptions under the Act. The court's decision aligned with previous judgments and clarified that trust properties could be assessed on trustees without barring direct assessment on beneficiaries. en-us Thu, 14 Jan 1982 00:00:00 +0530 Sat, 13 Mar 2010 15:07:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29523 The High Court held in favor of the trustee, allowing exemption under s. 5(1)(iv) of the Wealth-tax Act for the property used by beneficiaries. The court emphasized that the trustee, as a representative assessee, could claim the exemption even if not personally using the property for residential purposes. Legal ownership by the trustee did not prevent beneficiaries from benefiting from exemptions under the Act. The court's decision aligned with previous judgments and clarified that trust properties could be assessed on trustees without barring direct assessment on beneficiaries. Case-Laws Wealth-tax Thu, 14 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29523