https://www.taxtmi.com/caselaws?id=9205 The court interpreted section 4(1)(a)(ii) of the Wealth-tax Act, 1957 regarding the inclusion of renounced equity shares in the assessee's net wealth. The Tribunal held that once the minor daughter acquired the shares, the right to further shares ceased to exist, thus not constituting an asset in the assessee's net wealth. The court emphasized the distinction between the right to acquire shares and actual shares held by the minor daughter, ruling in favor of the assessee and clarifying that the renounced right did not form part of the net wealth. en-us Thu, 25 Apr 1974 00:00:00 +0530 Sat, 20 Jun 2009 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9205 The court interpreted section 4(1)(a)(ii) of the Wealth-tax Act, 1957 regarding the inclusion of renounced equity shares in the assessee's net wealth. The Tribunal held that once the minor daughter acquired the shares, the right to further shares ceased to exist, thus not constituting an asset in the assessee's net wealth. The court emphasized the distinction between the right to acquire shares and actual shares held by the minor daughter, ruling in favor of the assessee and clarifying that the renounced right did not form part of the net wealth. Case-Laws Wealth-tax Thu, 25 Apr 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9205