Supreme Court of India
Commissioner of Wealth Tax, Allahabad v. Arvind Narottam (indl.)
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3 Supreme Court benches have cited this judgment.
What the Court ordered
In the result :L endorse the view taken by the High Court and dismiss these appeals with costs.
Judgment, page 9
From the headnote
c Wealth Tax Act, 1957-S. 21(2)-Assets held under Trusts-Mere right to be considered for distribution of income or corpus cannot be regarded as an 'interest'- There must be a right, present or contingent, before it can be said that an assessee has an interest. The respondent who was entitled to minimum annual payments of specified amounts under the three trust deeds in question was assessed to tax under sub-s. (2) of s. 21 of the Wealth Tax Act, on the entire value of the assets held by the trusts. On appeal, the Appellate Assistant Commissioner confined the liability of the assessee to
Where later benches applied it
- 2003 Union of India and Anr. v. Azadi Bachao Andolan and Anr.
- 1994 Commissioner of Income Tax, Gujarat, Ahmedabad v. Smt. Kamaltni Khatau
- 1989 Union of India & Ors. v. Playworld Electronics Pvt. Ltd. & Anr.
Of those, 3 mentioned
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