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1965 (11) TMI 1
Wealth Tax - trust properties - application of sub-section (4) of section 21 ... ... ... ... ..... to whether that decision was in any way contrary to the interpretation placed upon section 41(1) of the Income-tax Act in the Patna case above referred to. But the decision in Mahalaxmiwala s case does not assist the learned Advocate-General, nor does it carry further the interpretation suggested by him of the provisions of either section 41(1) of the Income-tax Act or sections 21(1) and 21(4) of the present Act. In our view, the construction placed by the Tribunal on the provisions of section 21 was not correct. We are also of the opinion that the number of beneficiaries as also their shares were both known and determinate within the meaning of sub-section (1) of section 21 and therefore the application of sub-section (4) of section 21 by the Wealth-tax Officer was erroneous. In that view, our answer to the question referred to us is in the affirmative. The Commissioner of Wealth-tax will pay the costs of this reference to the applicants. Question answered in the affirmative
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