https://www.taxtmi.com/caselaws?id=57831 A society formed for mutual welfare and financial assistance to members was analysed under the Wealth-tax Act, 1957 and found not to be an association of persons for wealth-tax purposes because its purpose was not to own, hold or acquire wealth, and any asset holding was merely incidental. Even on the assumption that it was an association of persons, section 21AA did not apply because the members had no indeterminate or unknown proprietary shares in the income or assets; residual property on dissolution was to pass to another society under the governing statute, not to members. The text treats section 21AA as targeting undefined member shares used for tax avoidance. en-us Wed, 30 Apr 2003 00:00:00 +0530 Mon, 13 Dec 2010 18:20:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57831 A society formed for mutual welfare and financial assistance to members was analysed under the Wealth-tax Act, 1957 and found not to be an association of persons for wealth-tax purposes because its purpose was not to own, hold or acquire wealth, and any asset holding was merely incidental. Even on the assumption that it was an association of persons, section 21AA did not apply because the members had no indeterminate or unknown proprietary shares in the income or assets; residual property on dissolution was to pass to another society under the governing statute, not to members. The text treats section 21AA as targeting undefined member shares used for tax avoidance. Case-Laws Wealth-tax Wed, 30 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57831