https://www.taxtmi.com/caselaws?id=29539 Under the Wealth-tax Act, an impartible estate was not treated as the assessee's exclusive personal property for net wealth purposes before the statutory deeming fiction in section 4(6) came into force. The Darbargadh palace, held under custom of impartibility and inalienability, was therefore outside the assessee's net wealth for the assessment years 1959-60 to 1964-65, but became includible from assessment year 1965-66 when the deeming provision commenced. Because the statutory fiction operated only prospectively from 1 April 1965, no separate question of assessability of a life interest survived for the earlier years. en-us Wed, 26 Mar 1980 00:00:00 +0530 Sat, 13 Mar 2010 16:11:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29539 Under the Wealth-tax Act, an impartible estate was not treated as the assessee's exclusive personal property for net wealth purposes before the statutory deeming fiction in section 4(6) came into force. The Darbargadh palace, held under custom of impartibility and inalienability, was therefore outside the assessee's net wealth for the assessment years 1959-60 to 1964-65, but became includible from assessment year 1965-66 when the deeming provision commenced. Because the statutory fiction operated only prospectively from 1 April 1965, no separate question of assessability of a life interest survived for the earlier years. Case-Laws Wealth-tax Wed, 26 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29539