https://www.taxtmi.com/caselaws?id=17957 Assets transferred as gifts to minor children were not includible in the assessee's net wealth under the first proviso to section 4(1)(a) of the Wealth-tax Act, 1957, because they had been chargeable to gift-tax during the relevant statutory period. The Court applied the construction that once the transferred asset fell within the gift-tax charge between 31 March 1964 and 1 April 1972, its value could not later be brought back into net wealth for subsequent assessment years. The question was answered in favour of the assessee and against the Revenue. en-us Thu, 12 Dec 1996 00:00:00 +0530 Fri, 25 Sep 2009 17:39:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17957 Assets transferred as gifts to minor children were not includible in the assessee's net wealth under the first proviso to section 4(1)(a) of the Wealth-tax Act, 1957, because they had been chargeable to gift-tax during the relevant statutory period. The Court applied the construction that once the transferred asset fell within the gift-tax charge between 31 March 1964 and 1 April 1972, its value could not later be brought back into net wealth for subsequent assessment years. The question was answered in favour of the assessee and against the Revenue. Case-Laws Wealth-tax Thu, 12 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17957