https://www.taxtmi.com/caselaws?id=59123 The trustees of a private trust were assessed for wealth-tax based on the value of trust assets. The court held that the trustees were assessable on the entire value of the trust corpus as the beneficiaries were entitled to both income and corpus, rejecting the discounted valuation proposed by the actuary. The court emphasized that the trustees' discretion and the possibility of the vesting date being preponed meant there was no justification for discounting the corpus value. The decision was in line with the Wealth-tax Act, dismissing the appeals and upholding the assessment based on the full corpus value. en-us Fri, 19 Apr 1985 00:00:00 +0530 Sat, 25 Dec 2010 11:46:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59123 The trustees of a private trust were assessed for wealth-tax based on the value of trust assets. The court held that the trustees were assessable on the entire value of the trust corpus as the beneficiaries were entitled to both income and corpus, rejecting the discounted valuation proposed by the actuary. The court emphasized that the trustees' discretion and the possibility of the vesting date being preponed meant there was no justification for discounting the corpus value. The decision was in line with the Wealth-tax Act, dismissing the appeals and upholding the assessment based on the full corpus value. Case-Laws Income Tax Fri, 19 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59123