1982 (6) TMI 66 - AT - Wealth-tax

Summary

The assessee claimed exemption under s. 5(1)(xxiii) of the WT Act for shares held under private trusts. The AAC allowed the claim, directing deduction under s. 5(1A) subject to maximum limit. The Tribunal held that the exemption is available to the beneficiary under beneficial ownership, not just legal ownership. The appeal was rejected, subject to the maximum limit under s. 5(1A) for all assets.