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2004 (1) TMI 43 - HC - Wealth-taxWhen the trustees are subjected to the levy of wealth-tax as if the trust property is held by trustees as individuals, the Revenue cannot deny exemption to the trust or the trustees on the ground that they are not individuals. - held that the exemption laid down under section 5(1)(xxiii) is available to a trust in respect of shares held by the trustees. - Tribunal is right in holding that the assessee-trust is entitled to exemption under section 5(1)(xxiii) - Tribunal is right in directing the Wealth-tax Officer to allow deduction of Rs.7,43,270 being the aggregate market value of the interest of the beneficiaries as also deduction of Rs. 1,50,000 from the bank balance as exempt under section 5(1)(xxiii)
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