https://www.taxtmi.com/caselaws?id=59058 The Tribunal held that the exemption under section 5(1)(xxiii) read with section 5(1A) of the Wealth Tax Act, 1957 is allowable for trusts assessed under section 21(1A) for the assessment year 1980-81. The Tribunal rejected the Department's argument to separately tax the excess value under section 21(1A) and emphasized the application of the exemption for assets held by trustees, particularly shares. The judgment provides clarity on the interaction of these provisions and the ownership fiction under section 21(1A) in determining wealth tax liability for trusts. en-us Tue, 13 Jan 1987 00:00:00 +0530 Thu, 23 Dec 2010 17:13:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59058 The Tribunal held that the exemption under section 5(1)(xxiii) read with section 5(1A) of the Wealth Tax Act, 1957 is allowable for trusts assessed under section 21(1A) for the assessment year 1980-81. The Tribunal rejected the Department's argument to separately tax the excess value under section 21(1A) and emphasized the application of the exemption for assets held by trustees, particularly shares. The judgment provides clarity on the interaction of these provisions and the ownership fiction under section 21(1A) in determining wealth tax liability for trusts. Case-Laws Wealth-tax Tue, 13 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59058