No, this is not true if $X$ is not $\sigma-$finite. Let $X = [0,1]$, $S = \{A \subset X| A$ or $A^c$ is countable$\}$ and $\mu$ denote the counting measure on $X$. (Note that $\mu$ is not $\sigma-$ finite!)
Then one can check that a function $f$ is in $L^1(\mu)$ iff $f$ vanishes on all but countably many points $c_1,c_2,\dots$ and $\sum_{i=1}^{\infty} f(c_i) < \infty$.
Define $T: L^1(\mu) \rightarrow \mathbb{R}$ by $T(f) = \sum_{x \in [0,1]} xf(x)$. Then we have $|T(f)| \leq ||f||_1$ but there is no $g \in L^{\infty} [0,1]$ such that $Tf = \int fg d \mu$.
(Indeed, if such $g$ existed, then $g(x) = x$ for all x, but this function is not measurable!)
The statement $L^1(X)^* = L^{\infty}(X)$ can be extended to spaces that are more general than $\sigma-$ finite spaces, the so-called decomposable measure spaces, but I don't know much about them.