2010 (3) TMI 178 - HC - Wealth-tax

Assessment of Trust Discretionary trust assessment u/s 21(4) wealth tax act 1957 corresponding to section 164 of the income tax act 1961 Following the decision in the matter of Commissioner of Wealth Tax (C) Ludhiana vs. Smt. Gurmail Kaur Trust Ludhiana 2008 -TMI - 11090 - PUNJAB AND HARYANA High Court held that trust could not be treated as a discretionary one to be assessed as per provisions of Section 21(4) of the Wealth-tax Act 1957

Summary

The High Court of Punjab & Haryana ruled in favor of the assessee in a case regarding the treatment of a Trust under the Wealth-tax Act, 1957. The Income Tax Appellate Tribunal's decision was upheld based on a previous order dated April 16, 2004. The judgment was delivered on March 29, 2010 by Hon'ble Mr. Justice Ashutosh Mohunta and Hon'ble Mr. Justice Mehinder Singh Sullar.