https://www.taxtmi.com/caselaws?id=17187 A discretionary trust assessed as a representative assessee under section 21(4) of the Wealth-tax Act was not liable to wealth-tax where its net wealth remained below the statutory exemption limit. Section 3, read with Schedule I, levies tax only when net wealth exceeds the prescribed threshold, and section 21(4) applies only in the same manner and extent as assessment of an individual. The higher rate under clause (b) becomes relevant only when tax is otherwise payable, so the individual exemption is preserved for the trust. The statutory language was treated as plain and unambiguous, and extrinsic aids could not extend liability beyond the text. en-us Thu, 29 Jan 1998 00:00:00 +0530 Tue, 15 Sep 2009 16:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17187 A discretionary trust assessed as a representative assessee under section 21(4) of the Wealth-tax Act was not liable to wealth-tax where its net wealth remained below the statutory exemption limit. Section 3, read with Schedule I, levies tax only when net wealth exceeds the prescribed threshold, and section 21(4) applies only in the same manner and extent as assessment of an individual. The higher rate under clause (b) becomes relevant only when tax is otherwise payable, so the individual exemption is preserved for the trust. The statutory language was treated as plain and unambiguous, and extrinsic aids could not extend liability beyond the text. Case-Laws Wealth-tax Thu, 29 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17187