https://www.taxtmi.com/caselaws?id=8397 The High Court ruled against excluding a sum of Rs. 2 lakhs from the computation of the assessee's wealth, finding that the purported gift to a minor son lacked essential elements of a valid gift transaction. Emphasizing the absence of clear intention to transfer ownership, acceptance by the minor's guardian, and evidence of a genuine transfer, the court held that the transfer did not meet legal criteria for exclusion. The court allowed the reference with costs and assessed counsel's fees accordingly. en-us Thu, 25 Nov 1971 00:00:00 +0530 Sat, 11 Apr 2009 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8397 The High Court ruled against excluding a sum of Rs. 2 lakhs from the computation of the assessee's wealth, finding that the purported gift to a minor son lacked essential elements of a valid gift transaction. Emphasizing the absence of clear intention to transfer ownership, acceptance by the minor's guardian, and evidence of a genuine transfer, the court held that the transfer did not meet legal criteria for exclusion. The court allowed the reference with costs and assessed counsel's fees accordingly. Case-Laws Wealth-tax Thu, 25 Nov 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8397