1994 (11) TMI 13 - HC - Wealth-tax

Summary

The High Court of Andhra Pradesh heard a case involving a wakf claiming exemption under section 5(1)(i) of the Wealth-tax Act. The Income-tax Appellate Tribunal ruled that section 21(4) of the Act did not apply as the beneficiaries were not known individuals with indeterminate shares. The court directed the Tribunal to refer the question of the applicability of section 21(4) to the court. Other questions raised by the Revenue were dismissed as questions of fact.