https://www.taxtmi.com/caselaws?id=38851 The proviso to section 4(1)(a) of the Wealth-tax Act was interpreted as governing the wealth-tax assessment itself, not merely the taxability of the gift. Assets gifted to the assessee's wives before 1 April 1964 were therefore excluded from net wealth for assessment year 1967-68, because the statutory language was held to apply to assessment years commencing after 31 March 1964 and to exempt transferred assets from inclusion within that period. The assessee was entitled to the exclusion, and the issue was answered in the assessee's favour. en-us Wed, 18 Sep 1974 00:00:00 +0530 Fri, 09 Apr 2010 17:58:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38851 The proviso to section 4(1)(a) of the Wealth-tax Act was interpreted as governing the wealth-tax assessment itself, not merely the taxability of the gift. Assets gifted to the assessee's wives before 1 April 1964 were therefore excluded from net wealth for assessment year 1967-68, because the statutory language was held to apply to assessment years commencing after 31 March 1964 and to exempt transferred assets from inclusion within that period. The assessee was entitled to the exclusion, and the issue was answered in the assessee's favour. Case-Laws Wealth-tax Wed, 18 Sep 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38851