https://www.taxtmi.com/caselaws?id=37186 The proviso to section 4(1)(a) of the Wealth-tax Act, 1957 was construed to refer to the assessment year under the Gift-tax Act, 1958, not the Wealth-tax Act, for deciding whether transferred assets are excluded from the transferor's net wealth. The Court held that the proviso was intended to prevent double taxation from assessment year 1964-65, and that exclusion applies only where the transfer is chargeable to gift-tax, or is not chargeable under section 5 of that Act, for assessment years commencing after 31 March 1964. The assessment-year condition and the gift-tax chargeability condition were treated as cumulative, and punctuation was held to have no controlling effect. The Tribunal's view was affirmed against the assessee. en-us Thu, 09 Aug 1979 00:00:00 +0530 Sat, 27 Mar 2010 11:48:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37186 The proviso to section 4(1)(a) of the Wealth-tax Act, 1957 was construed to refer to the assessment year under the Gift-tax Act, 1958, not the Wealth-tax Act, for deciding whether transferred assets are excluded from the transferor's net wealth. The Court held that the proviso was intended to prevent double taxation from assessment year 1964-65, and that exclusion applies only where the transfer is chargeable to gift-tax, or is not chargeable under section 5 of that Act, for assessment years commencing after 31 March 1964. The assessment-year condition and the gift-tax chargeability condition were treated as cumulative, and punctuation was held to have no controlling effect. The Tribunal's view was affirmed against the assessee. Case-Laws Wealth-tax Thu, 09 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37186