9911796707
TMI Blog2006 (2) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... "B" Bench, referred the matter under section 27(2) of the Wealth-tax Act, 1957, at the instance of the assessee, for opinion of this court, raising the following question of law: "Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assets of the trust by name Tenzing Family Trust could not be included in the net wealth of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tenzing from the date of marriage. The trustee shall accumulate the surplus income after deducting all the necessary outgoings for earning the income, and preserve the property of the trust. The trustee is entitled to apply the income of the trust for the benefit of Shri A. Tenzing in his absolute discretion till the date of marriage of Shri A. Tenzing and for the exclusive benefit of his wife im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the same would not again be included in the hands of the assessee. Aggrieved by the order, the Revenue filed an appeal to the Income Tax Appellate Tribunal. The Income-tax Appellate Tribunal dismissed the Revenue's appeal and allowed the case in favour of the assessee by following its own order relating to the assessment year 1979-80. Learned standing counsel appearing for the Revenue submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts own order for the assessment year 1979-80. The said main order came up before this court in T.C. No. 830 of 1988 and this court, by its judgment dated November 23, 1998, decided the issue in favour of the assessee and held as follows: "2. The Tribunal has found that the beneficiary had no vested interest in the assets owned by the trust as its rights would arise after 18 years or on the date o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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