https://www.taxtmi.com/caselaws?id=58252 The Appellate Tribunal ITAT BOMBAY-B ruled in an appeal concerning the assessment year 1976-77 related to a trust property at 8, Turner Road, Bandra, Bombay. The issue was the application of section 7(4) of the Wealth-tax Act, 1957 to the trust property. The Tribunal held that beneficiaries residing in a trust property should be considered owners for residential use exemptions. It directed the WTO to verify beneficiaries' residence and granted exemption under section 7(4) if confirmed, emphasizing the shift in ownership perspective when beneficiaries reside in trust properties. The appeal was allowed, requiring investigation into beneficiaries' residence for exemption determination. en-us Fri, 25 May 1984 00:00:00 +0530 Sat, 18 Dec 2010 11:39:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58252 The Appellate Tribunal ITAT BOMBAY-B ruled in an appeal concerning the assessment year 1976-77 related to a trust property at 8, Turner Road, Bandra, Bombay. The issue was the application of section 7(4) of the Wealth-tax Act, 1957 to the trust property. The Tribunal held that beneficiaries residing in a trust property should be considered owners for residential use exemptions. It directed the WTO to verify beneficiaries' residence and granted exemption under section 7(4) if confirmed, emphasizing the shift in ownership perspective when beneficiaries reside in trust properties. The appeal was allowed, requiring investigation into beneficiaries' residence for exemption determination. Case-Laws Wealth-tax Fri, 25 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58252