https://www.taxtmi.com/caselaws?id=59131 Executors cease to be assessable as executors under the Wealth-tax Act once the estate has been substantially administered and the remaining property is held for known beneficiaries with definite shares. Physical non-distribution of the last asset does not, by itself, preserve executorial character where debts, liabilities, taxes and other charges have been discharged and the residue has been ascertained. On the facts, the estate had been administered, other assets were distributed, liabilities were paid and the remaining land was held only for the beneficiaries. Assessment therefore had to be made under section 21 as property held in trust, not under section 19A(5) as executors. en-us Wed, 30 Aug 1989 00:00:00 +0530 Sat, 25 Dec 2010 12:03:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59131 Executors cease to be assessable as executors under the Wealth-tax Act once the estate has been substantially administered and the remaining property is held for known beneficiaries with definite shares. Physical non-distribution of the last asset does not, by itself, preserve executorial character where debts, liabilities, taxes and other charges have been discharged and the residue has been ascertained. On the facts, the estate had been administered, other assets were distributed, liabilities were paid and the remaining land was held only for the beneficiaries. Assessment therefore had to be made under section 21 as property held in trust, not under section 19A(5) as executors. Case-Laws Wealth-tax Wed, 30 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59131