https://www.taxtmi.com/caselaws?id=24874 Section 21(4) of the Wealth-tax Act, 1957 was treated as a special assessment provision for trust assets held for indeterminate or unknown beneficiaries, but it did not operate as an independent charging section. The charging provision in section 3 remained subject to the Act as a whole, and the Schedule exemption for an individual's net wealth not exceeding Rs. 1 lakh continued to apply. The higher rate under section 21(4) could not override that statutory exemption unless the provision expressly displaced it. On that construction, wealth-tax was not leviable on the private discretionary trust where its net wealth was below the exemption limit. en-us Mon, 15 Feb 1988 00:00:00 +0530 Fri, 22 Jan 2010 18:32:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24874 Section 21(4) of the Wealth-tax Act, 1957 was treated as a special assessment provision for trust assets held for indeterminate or unknown beneficiaries, but it did not operate as an independent charging section. The charging provision in section 3 remained subject to the Act as a whole, and the Schedule exemption for an individual's net wealth not exceeding Rs. 1 lakh continued to apply. The higher rate under section 21(4) could not override that statutory exemption unless the provision expressly displaced it. On that construction, wealth-tax was not leviable on the private discretionary trust where its net wealth was below the exemption limit. Case-Laws Wealth-tax Mon, 15 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24874