https://www.taxtmi.com/caselaws?id=169665 Trust property under a testamentary arrangement is assessable in the trustees' hands under section 21(1) of the Wealth-tax Act by reference to the beneficiaries for whose benefit the assets are held, because trustee assessment is representative and turns on beneficial entitlement rather than legal title. Section 21(4) does not apply where the beneficiaries are identifiable and their shares are capable of calculation, even if the class of beneficiaries changes over time. Joint trustees may be assessed as a single taxable unit, and once debts, liabilities and legacies are dealt with, the estate is treated as fully administered so that the petitioners act as trustees, not executors. On that footing, the wealth-tax assessments were quashed. en-us Thu, 23 Nov 1961 00:00:00 +0530 Wed, 29 Apr 2015 14:40:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169665 Trust property under a testamentary arrangement is assessable in the trustees' hands under section 21(1) of the Wealth-tax Act by reference to the beneficiaries for whose benefit the assets are held, because trustee assessment is representative and turns on beneficial entitlement rather than legal title. Section 21(4) does not apply where the beneficiaries are identifiable and their shares are capable of calculation, even if the class of beneficiaries changes over time. Joint trustees may be assessed as a single taxable unit, and once debts, liabilities and legacies are dealt with, the estate is treated as fully administered so that the petitioners act as trustees, not executors. On that footing, the wealth-tax assessments were quashed. Case-Laws Income Tax Thu, 23 Nov 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169665