https://www.taxtmi.com/caselaws?id=28530 The High Court found that the gift of Rs. 25,000 by the assessee to his minor son was valid under the Wealth Tax Act. As a result, neither the principal sum nor the interest accrued should be included in the assessee's net wealth for the relevant assessment years. The court emphasized that the assessee had effectively transferred control over the gifted amount, supporting the validity of the gift. Therefore, the court ruled in favor of the assessee, concluding that the gift was valid and should not be considered part of his net wealth for the specified years. en-us Wed, 06 Jan 1982 00:00:00 +0530 Tue, 23 Feb 2010 13:11:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28530 The High Court found that the gift of Rs. 25,000 by the assessee to his minor son was valid under the Wealth Tax Act. As a result, neither the principal sum nor the interest accrued should be included in the assessee's net wealth for the relevant assessment years. The court emphasized that the assessee had effectively transferred control over the gifted amount, supporting the validity of the gift. Therefore, the court ruled in favor of the assessee, concluding that the gift was valid and should not be considered part of his net wealth for the specified years. Case-Laws Wealth-tax Wed, 06 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28530