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2001 (9) TMI 21 - RAJASTHAN HIGH COURTWealth Tax, Charge Of Tax, Trust - Section 21A speaks of the individual liability of the trustees to be assessed in respect of that part of the asset or income which is diverted for their own purposes. This also does not involve any notice to the trust of the trustees in a representative capacity. In no circumstance is it possible to uphold the assessment of wealth-tax on the entire corpus of the assets held in trust as taxable wealth whether in the name of the trust or in the collective body of the trustees, except under section 21AA. - It is also not the case of the Revenue that the trust is being assessed under section 21AA, of which the individuals or beneficiaries are identifiable but their share in the net assets is not determinable or indeterminate so as to make it possible to assess the trust or trustees as an association of persons or body of individuals. - The answer being self-evident, we are not inclined to entertain this application. Accordingly, the same is rejected.
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