Commissioner Of Wealth Tax vs Mrs. O.M.M. Kinnison (Decd.)

Authority: Supreme Court Date: 1986-08-29 AY: 1958-59, 1959-60, 1960-61, 1961-62, 1962-63 Section: WT2(e), WT2(m), WT6(i) Acts: Wealth Tax Act 1957 Result: Assessee Citation: (1986) 58 CTR (SC) 193 : (1986) 161 ITR 824 (SC) : (1986) 28 TAXMAN 8 A Justices: R.S. Pathak & Sabyasachi Mukharji, JJ. Appeal No: Civil Appeal Nos. 1181 to 1186 of 1974
Whether the life interest of a non-resident beneficiary in a testamentary trust comprising Indian assets (shares and managing agency commission) constitutes an asset located outside India for wealth-tax purposes under section 6(i) of the Wealth Tax Act 1957 --- Held Yes, as the beneficiary's right is a chose-in-action enforceable in England, making it a foreign asset.

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