Amendment of section 21

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..... s chargeable to tax under this Act" shall be substituted; (b) after sub-section (1), the following sub-section shall be inserted, namely :- "(1A) Where the value or aggregate value of the interest or interests of the person or persons on whose behalf or for whose benefit such assets are held falls short of the value of any such assets, then, in addition to the wealth-tax leviable rec .....

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..... following shall be substituted, namely :- ", as the case may be, in the like manner and to the same extent as it would be leviable upon and recoverable from an individual who is a citizen of Indian and resident in Indian"; (ii) in clause (b), for the words "one and one-half per cent.", words "three per cent." shall be substituted; (iii) in the proviso, - (1) .....

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..... or whose benefit any such assets are held shall be deemed to be indeterminate or unknown unless the shares of the persons on whose behalf or for whose benefit such assets are held on the relevant valuation date are expressly stated in the order of the court or instrument of trust deed of wakf, as the case may be, and are ascertainable as such on the date of such order, instrument or deed.". .....

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