https://www.taxtmi.com/caselaws?id=36353 Where a mother, during the father's lifetime, purported to advance funds to her minor sons and acquire shares in their names, the arrangement was not legally valid because she had no capacity to act as their natural guardian for that purpose under the Hindu Minority and Guardianship Act. The alleged loan could not create an enforceable liability against the minors, and the accounts and investments standing in their names were treated as the assessee's own assets. As the transfer lacked legal substance, the value of the shares could not be excluded from the assessee's net wealth and was includible in the wealth assessment. en-us Mon, 10 Mar 1980 00:00:00 +0530 Sat, 20 Mar 2010 18:18:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36353 Where a mother, during the father's lifetime, purported to advance funds to her minor sons and acquire shares in their names, the arrangement was not legally valid because she had no capacity to act as their natural guardian for that purpose under the Hindu Minority and Guardianship Act. The alleged loan could not create an enforceable liability against the minors, and the accounts and investments standing in their names were treated as the assessee's own assets. As the transfer lacked legal substance, the value of the shares could not be excluded from the assessee's net wealth and was includible in the wealth assessment. Case-Laws Wealth-tax Mon, 10 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36353