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TMI Blog2014 (10) TMI 403X X X X Extracts X X X X X X X X Extracts X X X X ..... .T.A. Nos.304 & 335 to 344/Hyd/1991. Below four questions have been referred said to be arising out of the order of the Tribunal. i) Whether, on the facts and in the circumstances of the case, the ITAT is correct in holding that the Trust is a specific one and that the beneficiaries are known and their shares are determinate, and whether this finding is contrary to its decision in W.T.A.Nos.208 to 217/Hyd/1988 dated 30.04.1990 in the case of Prince Shahmat Ali Khan wherein it was held that the interest of the remainderman, Prince Shahmat Ali Khan was remote and illusory? ii) Whether on the facts and in the circumstances of the case, the ITAT is correct i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nbsp; (1) In the case of assets chargeable to tax under this Act which are held by a court of wards or an administrator- general or an official trustee or any receiver or manager or any other person, by whatever name called, appointed under any order of a court to manage property on behalf of another, or any trustee appointed under a trust declared by a duly executed instrument in writing, whether testamentary or otherwise (including a trustee under a valid deed of wakf), the wealth-tax shall be levied upon and recoverable from the court of wards, administrator- general, official trustee, receiver, manager or trustee, as the case may be, in the like manner and to the same extent as it would be leviable upon and recoverable from the person o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide exclusively for the benefit of the relatives of the settlor or where the settlor is a Hindu undivided family, exclusively for the benefit of the members of such family, in circumstances where such relatives or members were mainly dependent on the settlor for their support and maintenance; or (iii) such assets are held by the trustees on behalf of a provident fund, superannuation fund, gratuity fund, pension fund or any other fund created bona fide by a person carrying on a business or profession exclusively for the benefit of persons employed in such business or profession, wealth- tax shall be charged at the rates specified in Part I of the [Schedule 1[ .] 2[ Explanation.-- Notwithstanding anything contained in section 5, in computin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 21(4) of the Act. The protective assessments were made under Section 21(4) of the Act on the ground that there was an alleged dispute regarding the beneficiaries raised by the assessee in the assessment of Prince Shahmat Ali Khan before the Commissioner (Appeals). This was based on a claim made by Sb.Fatima Fouzia for a piece of six acres of land out of Ac.15-28 gts., of land, which was one of the assets of the Trust. As a matter of fact, O.S.No.92 of 1979 was filed by Sb. Fatima Fouzia before the civil court based on an oral gift (hiba) said to have been acknowledged by the prince. Based on this dispute, the contention of the department is to the effect that in the facts of the case, the shares and beneficiaries of the Trust being uncer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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