https://www.taxtmi.com/caselaws?id=37979 The court held that the shares transferred to a trust for minors, but held for a charitable trust until the minors reached majority, were not included in the assessee's wealth under section 4(1)(a)(iii) of the Wealth-tax Act post-amendment. The court emphasized that the crucial aspect was whether the property was held for the benefit of the minors, determining that it was not during the assessment year. Therefore, the court upheld the Tribunal's decision, ruling in favor of the assessee, as the amendment did not substantially alter the requirement that the assets must be held for the immediate or deferred benefit of specified individuals. en-us Tue, 18 Jul 1978 00:00:00 +0530 Fri, 02 Apr 2010 13:55:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37979 The court held that the shares transferred to a trust for minors, but held for a charitable trust until the minors reached majority, were not included in the assessee's wealth under section 4(1)(a)(iii) of the Wealth-tax Act post-amendment. The court emphasized that the crucial aspect was whether the property was held for the benefit of the minors, determining that it was not during the assessment year. Therefore, the court upheld the Tribunal's decision, ruling in favor of the assessee, as the amendment did not substantially alter the requirement that the assets must be held for the immediate or deferred benefit of specified individuals. Case-Laws Wealth-tax Tue, 18 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37979