https://www.taxtmi.com/caselaws?id=39666 The court ruled in favor of the assessee, holding that the trust properties should not be included in the wealth assessment for wealth-tax purposes. The court found that the trust properties were transferred solely for the benefit of the family, including the assessee, as per the trust deed, and did not meet the criteria under section 4(1)(a)(iii) of the Wealth-tax Act, 1957, which requires assets transferred without adequate consideration for the immediate or deferred benefit of specific individuals to be included in net wealth. The court emphasized the limited scope of the section and past practices of not including trust properties in assessments. en-us Wed, 11 Jul 1973 00:00:00 +0530 Mon, 19 Apr 2010 15:52:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39666 The court ruled in favor of the assessee, holding that the trust properties should not be included in the wealth assessment for wealth-tax purposes. The court found that the trust properties were transferred solely for the benefit of the family, including the assessee, as per the trust deed, and did not meet the criteria under section 4(1)(a)(iii) of the Wealth-tax Act, 1957, which requires assets transferred without adequate consideration for the immediate or deferred benefit of specific individuals to be included in net wealth. The court emphasized the limited scope of the section and past practices of not including trust properties in assessments. Case-Laws Wealth-tax Wed, 11 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39666