https://www.taxtmi.com/caselaws?id=38958 Shares settled on trust without adequate consideration were held includible in the settlor's net wealth where the trust directed trustees to use both income and, if necessary, corpus for the maintenance, education, medical needs and marriage expenses of the settlor's minor son until age 21. The expression "for the benefit of" in section 4(1)(a)(iii) of the Wealth-tax Act was construed broadly, and the provision applied even where the beneficiary had only a life interest in income; here, the ability to apply corpus made the case stronger. The value of the 1,500 shares was therefore includible in the settlor's net wealth. en-us Thu, 01 Jul 1976 00:00:00 +0530 Sat, 10 Apr 2010 15:46:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38958 Shares settled on trust without adequate consideration were held includible in the settlor's net wealth where the trust directed trustees to use both income and, if necessary, corpus for the maintenance, education, medical needs and marriage expenses of the settlor's minor son until age 21. The expression "for the benefit of" in section 4(1)(a)(iii) of the Wealth-tax Act was construed broadly, and the provision applied even where the beneficiary had only a life interest in income; here, the ability to apply corpus made the case stronger. The value of the 1,500 shares was therefore includible in the settlor's net wealth. Case-Laws Income Tax Thu, 01 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38958