9911796707
TMI Blog2006 (2) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... estion of law in favour of the assessee and against the Revenue - - - - - Dated:- 28-2-2006 - Judge(s) : P. D. DINAKARAN., P. P. S. JANARTHANA RAJA. JUDGMENT The judgment of the court was delivered by P.P.S. Janarthana Raja J.-The Income-tax Appellate Tribunal, Madras, "B" Bench, referred the matter under section 27(2) of the Wealth-tax Act, 1957, at the instance of the assessee, for opi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of execution of the deed, the corpus as well as the accumulated income shall be handed over and delivered to him to be enjoyed by him absolutely. In the event of his marrying, the corpus as well as the accumulated income shall be handed over and delivered to the wife of Shri A. Tenzing from the date of marriage. The trustee shall accumulate the surplus income after deducting all the necessary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st. Aggrieved by the order of assessment, the assessee filed an appeal to the Commissioner of Wealth-tax (Appeals). The Commissioner of Wealth-tax (Appeals) held that, as the trust properties were already assessed to wealth tax in the hands of the trustee for these assessment years, the same would not again be included in the hands of the assessee. Aggrieved by the order, the Revenue filed an appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pleted till the valuation date. Therefore, the corpus would not vest with the beneficiary. The beneficiary was not entitled to any income as of right, but the application of the income of the trust is the absolute discretion of the trustee. We also found that the Tribunal relied on its own order for the assessment year 1979-80. The said main order came up before this court in T.C. No. 830 of 1988 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
