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2009 (3) TMI 502 - BOMBAY HIGH COURTRepresentative Assessee – Instrument under wealth tax – excess of value of of the corpus of the trust over the value of the interest of the beneficiaries under the trust – Held that: - we find it difficult to hold that the official trustee who is the assessee in the present case can be said to be a person appointed under a trust “declared by a duly executed instrument in writing”. In our view, the word “instrument” does not include statute. The Wealth-tax Act does not define the word “instrument” and does not specifically include “statute” within the meaning of the term. In the present case, the official trustee was not appointed under any rule-making power which may amount to statutory instrument but under the statute itself. - Once it is held that section 21(1) which is the main charging section does not apply to the assessee, it must necessarily follow that section 21(1A) would also not be applicable to him.
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