https://www.taxtmi.com/caselaws?id=57648 The Tribunal upheld the Commissioner of Wealth-tax (Appeals)' decisions in favor of the assessee for assessment years 1988-89 to 1990-91. The trusts created by the assessee for his children were deemed valid, and the properties held by the trusts were not included in the assessee's net wealth. Liabilities totaling Rs. 14.20 lakhs and Rs. 25.25 lakhs were allowed as deductions, as they were used for specific purposes despite not being reflected in the bank accounts. Additionally, the exemption claim for a house in Mumbai under section 5(1)(iv) of the Wealth Tax Act was accepted. All appeals by the Department were dismissed. en-us Tue, 29 Feb 2000 00:00:00 +0530 Sat, 11 Dec 2010 13:15:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57648 The Tribunal upheld the Commissioner of Wealth-tax (Appeals)' decisions in favor of the assessee for assessment years 1988-89 to 1990-91. The trusts created by the assessee for his children were deemed valid, and the properties held by the trusts were not included in the assessee's net wealth. Liabilities totaling Rs. 14.20 lakhs and Rs. 25.25 lakhs were allowed as deductions, as they were used for specific purposes despite not being reflected in the bank accounts. Additionally, the exemption claim for a house in Mumbai under section 5(1)(iv) of the Wealth Tax Act was accepted. All appeals by the Department were dismissed. Case-Laws Wealth-tax Tue, 29 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57648