https://www.taxtmi.com/caselaws?id=37970 Section 4(1)(a)(i) and (ii) of the Wealth-tax Act applies where, on the valuation date, the spouse or minor child holds property transferred by the assessee for inadequate consideration; the property need not have been an "asset" under the Act on the date of transfer, so the inclusion principle operates against the assessee. The proviso to section 4(1)(a) is construed contextually to refer to the assessment year under the Gift-tax Act, not the Wealth-tax Act, because its prospective relief is tied to transfers chargeable to or exempt from gift tax and the legislative scheme controls the wording. en-us Mon, 03 Oct 1977 00:00:00 +0530 Fri, 02 Apr 2010 13:17:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37970 Section 4(1)(a)(i) and (ii) of the Wealth-tax Act applies where, on the valuation date, the spouse or minor child holds property transferred by the assessee for inadequate consideration; the property need not have been an "asset" under the Act on the date of transfer, so the inclusion principle operates against the assessee. The proviso to section 4(1)(a) is construed contextually to refer to the assessment year under the Gift-tax Act, not the Wealth-tax Act, because its prospective relief is tied to transfers chargeable to or exempt from gift tax and the legislative scheme controls the wording. Case-Laws Wealth-tax Mon, 03 Oct 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37970