https://www.taxtmi.com/caselaws?id=6849 A trustee holding trust property for the benefit of beneficiaries is not assessable to wealth-tax under section 21 unless the assets are held on their behalf within the statutory meaning. The Court treated representative assessment as co-extensive with the liability of the person for whom the assets are held, but found that "on behalf of" is materially different from "for the benefit of". As the trustee held the trust estate as legal owner for the beneficiaries and not on their behalf, section 21 was not attracted. Section 3 also did not sustain a representative assessment because the beneficiaries were not liable in the required manner. en-us Wed, 13 Apr 1966 00:00:00 +0530 Fri, 06 Feb 2009 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6849 A trustee holding trust property for the benefit of beneficiaries is not assessable to wealth-tax under section 21 unless the assets are held on their behalf within the statutory meaning. The Court treated representative assessment as co-extensive with the liability of the person for whom the assets are held, but found that "on behalf of" is materially different from "for the benefit of". As the trustee held the trust estate as legal owner for the beneficiaries and not on their behalf, section 21 was not attracted. Section 3 also did not sustain a representative assessment because the beneficiaries were not liable in the required manner. Case-Laws Wealth-tax Wed, 13 Apr 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6849