COMMISSIONER OF WEALTH TAX, BIHAR ANDORISSA vs KIRPASHANKAR DAYASHANKAR WORAH

The Supreme Court held that under Section 21(1) and (4) of the Wealth Tax Act, a trustee is assessable to wealth tax as they hold the trust property on behalf of the beneficiaries. The Court clarified that the legislative intent is clear, and the mere fact that the definition may not align with the Trust Act does not invalidate the provision. The Court upheld the assessment of the trustee, stating that the shares of the beneficiaries were indeterminate, thus necessitating taxation under Section 21(4).