https://www.taxtmi.com/caselaws?id=55643 The Appellate Assistant Commissioner (AAC) upheld the decision to allow full deductions under section 5(1)(iv) of the Wealth Tax Act, 1957 to the beneficiaries in a family trust, emphasizing that exemptions should be granted unless clearly not allowable. The judgment clarified that beneficiaries in specific trusts should receive full benefits under section 5(1) and be assessed individually. The AAC's decision was supported by legal principles, distinguishing it from a prior Calcutta High Court case. The appeals were dismissed, affirming the beneficiaries' entitlement to full deductions for the relevant assessment years. en-us Fri, 16 Mar 1990 00:00:00 +0530 Mon, 29 Nov 2010 11:52:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55643 The Appellate Assistant Commissioner (AAC) upheld the decision to allow full deductions under section 5(1)(iv) of the Wealth Tax Act, 1957 to the beneficiaries in a family trust, emphasizing that exemptions should be granted unless clearly not allowable. The judgment clarified that beneficiaries in specific trusts should receive full benefits under section 5(1) and be assessed individually. The AAC's decision was supported by legal principles, distinguishing it from a prior Calcutta High Court case. The appeals were dismissed, affirming the beneficiaries' entitlement to full deductions for the relevant assessment years. Case-Laws Wealth-tax Fri, 16 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55643