9911796707
TMI Blog2002 (11) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... ious assessment years is answered in the affirmative against the Revenue and in favour of the assessee. - - - - - Dated:- 18-11-2002 - Judge(s) : N. V. BALASUBRAMANIAN., K. RAVIRAJA PANDIAN. JUDGMENT The judgment of the court was delivered by N.V. BALASUBRAMANIAN J.-The Income-tax Appellate Tribunal has stated the case and referred the following question of law in relation to the assessment years 1982-83 to 1987-88 of the assessee: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that since the assessee is to be taxed as an 'individual' for the purpose of the Wealth-tax Act under section 21(4), the benefit under 'section 5 of the Act cannot be denied to the assessee?" The br ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case references. Heard Mrs. Pushya Sitharaman, learned senior standing counsel for the Revenue, and Mr. J. Narayanaswamy, learned counsel for the assessee. The case raises the question on the interpretation to section 21(4) of the Act. Section 21(4) of the Act deals with a case of an assessment in the case of a discretionary trust and it provides that the tax shall be "levied upon" and recovered from the representative assessee in the like manner and to the same extent as it would be leviable upon and recoverable from an individual, who is a citizen of India. The section, therefore, provides that the assessment on the representative assessee shall be made and the tax shall be levied upon and recoverable in the like manner and to the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ust [1998] 233 ITR 99 has considered a similar question, which arose under the Income-tax Act and the question that arose was whether the trustee of a discretionary trust was entitled to deduction under section 80L of the Act which was available only to the individual. This court held the determination of the total income has to be made under the Income-tax Act taking into account the deduction available under section 80L of the Income-tax Act and on the income so determined, tax shall be levied. The status of a trustee of a discretionary trust has to be adopted as that of an individual and his income has to be considered as an individual income and the assessee would be entitled to deduction under section 80L of the Income-tax Act. We are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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