https://www.taxtmi.com/caselaws?id=37975 The court ruled in favor of the department regarding the legality and validity of the assessment made against the assessee in its representative capacity as trustees under the Wealth-tax Act. The court rejected the assessee's contention that as a banking company, no assessment could be made against it. However, the court found the basis of valuation of the assets held by the trustees, as determined by the wealth-tax authorities and the Tribunal, to be invalid and improper. The court held that reversionary interests should be valued on an actuarial basis, contrary to the method adopted by the taxing authorities. en-us Tue, 12 Jul 1977 00:00:00 +0530 Fri, 02 Apr 2010 13:47:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37975 The court ruled in favor of the department regarding the legality and validity of the assessment made against the assessee in its representative capacity as trustees under the Wealth-tax Act. The court rejected the assessee's contention that as a banking company, no assessment could be made against it. However, the court found the basis of valuation of the assets held by the trustees, as determined by the wealth-tax authorities and the Tribunal, to be invalid and improper. The court held that reversionary interests should be valued on an actuarial basis, contrary to the method adopted by the taxing authorities. Case-Laws Wealth-tax Tue, 12 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37975