https://www.taxtmi.com/caselaws?id=5264 The proviso to section 4(1)(a) of the Wealth-tax Act, 1957 was read according to its plain language: the phrase "for any assessment year commencing after the 31st day of March, 1964" qualified the gift-tax condition, not the commencement of the wealth-tax exemption. The statutory scheme was described as preventing avoidance of wealth-tax through transfers to a spouse or minor child, while the proviso carved out only a limited exception for transfers chargeable to gift-tax or exempt under section 5 of the Gift-tax Act, 1958. A construction adopted only to avoid possible constitutional difficulty was rejected where it would contradict the text. en-us Tue, 17 Jan 1989 00:00:00 +0530 Mon, 15 Feb 2016 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5264 The proviso to section 4(1)(a) of the Wealth-tax Act, 1957 was read according to its plain language: the phrase "for any assessment year commencing after the 31st day of March, 1964" qualified the gift-tax condition, not the commencement of the wealth-tax exemption. The statutory scheme was described as preventing avoidance of wealth-tax through transfers to a spouse or minor child, while the proviso carved out only a limited exception for transfers chargeable to gift-tax or exempt under section 5 of the Gift-tax Act, 1958. A construction adopted only to avoid possible constitutional difficulty was rejected where it would contradict the text. Case-Laws Wealth-tax Tue, 17 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5264