(4)[ ] [Substituted by Act 19 of 1970, Section 26, for sub-Section (4)(w.e.f. 1.4.1971). ][Notwithstanding anything contained in the foregoing provisions of this section] [ Substituted by Act 16 of 1981, Section 26, for " Notwithstanding anything contained in this section" (w.e.f. 1.4.1981).][, where the shares of the persons on whose behalf or for whose benefit any such assets are held are indeterminate or unknown, the wealth-tax shall be levied upon and recovered from the Court of wards, administrator-general, official trustee, receiver, manager, or other person aforesaid] [Substituted by Act 19 of 1970, Section 26, for sub-Section (4)(w.e.f. 1.4.1971). ][, 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 India and resident in India] [ Substituted by Act 44 of 1980, Section 40, for certain words (w.e.f. 1.4.1980).][for the purposes of this Act, and-(a)at the rates specified in Part I of ] [Schedule I ] [ Substituted by Act 66 of 1976, Section 27, for " the Schedule" (w.e.f. 1.4.1977).][* * *] [ Omitted by Act 32 of 1971, Section 34 (w.e.f. 1.4.1972).][or [Substituted by Act 19 of 1970, Section 26, for sub-Section (4)(w.e.f. 1.4.1971). ](b)at the rate of ][three per cent.] [ Substituted by Act 44 of 1980, Section 40, for " one and one-half per cent." (w.e.f. 1.4.1980).][, whichever course would be more beneficial to the revenue: [Substituted by Act 19 of 1970, Section 26, for sub-Section (4)(w.e.f. 1.4.1971). ]Provided that in a case where-(i)such assets are held ][under a trust declared by any person by will and such trust is the only trust so declared by him] [ Substituted by Act 44 of 1980, Section 40 for " under a trust declared by will" (w.e.f. 1.4.1980).][; or] [Substituted by Act 19 of 1970, Section 26, for sub-Section (4)(w.e.f. 1.4.1971). ](ia)[ none of the beneficiaries has net wealth exceeding the amount not chargeable to wealth-tax in the case of an individual who is a citizen of India and resident in India for the purposes of this Act or is a beneficiary under any other trust; or] [ Inserted by Act 44 of 1980, Section 40 (w.e.f. 1.4.1980).](ii)[ such assets are held under a trust created before the 1st day of March, 1970, by a non-testamentary instrument and the ] [Substituted by Act 19 of 1970, Section 26, for sub-Section (4)(w.e.f. 1.4.1971). ][Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer" (w.e.f. 1.4.1988).][is satisfied, having regard to all the circumstances existing at the relevant time, that the trust was created bona fide exclusively for the benefit of the relatives of the settlor or where the settlor is a Hindu undivided family, exclusively for the benefit of the members of such family, in circumstances where such relatives or members were mainly dependent on the settlor for their support and maintenance; or [Substituted by Act 19 of 1970, Section 26, for sub-Section (4)(w.e.f. 1.4.1971). ](iii)such assets are held by the trustees on behalf of a provident fund, superannuation fund, gratuity fund, pension fund or any other fund created bona fide by a person carrying on a business or profession exclusively for the benefit of persons employed in such business or profession, wealth-tax shall be charged at the rates specified in Part I of ] [Substituted by Act 19 of 1970, Section 26, for sub-Section (4)(w.e.f. 1.4.1971). ][Schedule I ] [Substituted by Act 66 of 1976, Section 27, for " the Schedule" (w.e.f. 1.4.1977). ][* * *] [ Omitted by Act 32 of 1971, Section 34 (w.e.f. 1.4.1972).][ Explanation 1.-For the purposes of this sub-section, the shares of the persons on whose behalf or for 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 or deed of wakf, as the case may be, and are ascertainable as such on the date of such order, instrument or deed.] [ Inserted by Act 44 of 1980, Section 40 (w.e.f. 1.4.1980).][[ Explanation 2] [Inserted by Act 32 of 1971, Section 34 (w.e.f. 1.4.1972). ][.-Notwithstanding anything contained in section 5, in computing the net wealth ] [Inserted by Act 32 of 1971, Section 34 (w.e.f. 1.4.1972). ][for the purposes of this sub-section or sub-section (4-A) in any case, not being a case referred to in the proviso to this sub-section] [ Substituted by Act 16 of 1981, Section 26, for certain words (w.e.f. 1.4.1981).][, any assets referred to in clauses (xv), (xvi), (xxii), (xxiii), (xxiv), (xxv), (xxvi), (xxvii), (xxviii) and (xxix), of sub-section (1) of that section shall not be excluded.] [Inserted by Act 32 of 1971, Section 34 (w.e.f. 1.4.1972). ][(4-A) Notwithstanding anything contained in this section, where the assets chargeable to tax under this Act are held by a trustee under an oral trust, the wealth-tax shall be levied upon and recovered from such trustee 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 India and resident in India for the purposes of this Act, and¬-(a)at the rates specified in Part I of Schedule I; or(b)at the rate of three per cent., whichever course would be more beneficial to the revenue.Explanation.-For the purposes of this sub-section, "oral trust" means a trust which is not declared by a duly executed instrument in writing (including a valid deed of wakf) and which is not deemed under the Explanation to sub-section (1) to be a trust declared by a duly executed instrument in writing.] [ Inserted by Act 16 of 1981, Section 26 (w.e.f. 1.4.1981).]
