https://www.taxtmi.com/caselaws?id=310953 A trustee holding trust property under a duly executed trust deed was considered outside the representative assessment machinery of Section 21 of the Wealth-tax Act for the relevant valuation dates. Section 21 applies where assets are held on behalf of another person, and the liability is co-extensive with that person's liability. A trustee, however, is the legal owner of the trust property and holds it for the benefit of the beneficiaries, not on their behalf; the two expressions are not synonymous. The later amendment adding "for the benefit of" did not apply to the assessment years in question. The trustee was therefore not assessable to wealth-tax under Section 21. en-us Wed, 13 Apr 1966 00:00:00 +0530 Tue, 28 Nov 2023 16:18:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310953 A trustee holding trust property under a duly executed trust deed was considered outside the representative assessment machinery of Section 21 of the Wealth-tax Act for the relevant valuation dates. Section 21 applies where assets are held on behalf of another person, and the liability is co-extensive with that person's liability. A trustee, however, is the legal owner of the trust property and holds it for the benefit of the beneficiaries, not on their behalf; the two expressions are not synonymous. The later amendment adding "for the benefit of" did not apply to the assessment years in question. The trustee was therefore not assessable to wealth-tax under Section 21. Case-Laws Wealth-tax Wed, 13 Apr 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310953