https://www.taxtmi.com/caselaws?id=36003 The Bombay High Court ruled in favor of the assessee in a wealth tax assessment case concerning the inclusion of shares gifted to minor children in the assessee's net wealth. The Court upheld the Tribunal's decision, determining that the unamended provision of section 4(1)(a)(ii) of the Wealth Tax Act did not encompass indirect transfers to minor children. The Court emphasized the clear legislative intent of the provision and dismissed arguments that subsequent amendments altered its scope. Consequently, the shares gifted to the minor children were not considered part of the assessee's net wealth for the relevant assessment years. en-us Thu, 13 Mar 1980 00:00:00 +0530 Thu, 18 Mar 2010 17:37:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36003 The Bombay High Court ruled in favor of the assessee in a wealth tax assessment case concerning the inclusion of shares gifted to minor children in the assessee's net wealth. The Court upheld the Tribunal's decision, determining that the unamended provision of section 4(1)(a)(ii) of the Wealth Tax Act did not encompass indirect transfers to minor children. The Court emphasized the clear legislative intent of the provision and dismissed arguments that subsequent amendments altered its scope. Consequently, the shares gifted to the minor children were not considered part of the assessee's net wealth for the relevant assessment years. Case-Laws Wealth-tax Thu, 13 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36003