https://www.taxtmi.com/caselaws?id=39829 The High Court ruled against the revenue and in favor of the assessee, holding that the 500 shares transferred to trustees for the benefit of the minor child should not be included in the assessee's net wealth for the assessment year 1960-61. The court emphasized that the minor child did not have an immediate interest in the income on the valuation date, as required by the Wealth-tax Act. The court dismissed the argument for a vested interest in both income and corpus, stating that the crucial factor was whether the trustees held the property for the minor child's benefit on the relevant valuation date. en-us Wed, 05 Dec 1973 00:00:00 +0530 Tue, 20 Apr 2010 15:20:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39829 The High Court ruled against the revenue and in favor of the assessee, holding that the 500 shares transferred to trustees for the benefit of the minor child should not be included in the assessee's net wealth for the assessment year 1960-61. The court emphasized that the minor child did not have an immediate interest in the income on the valuation date, as required by the Wealth-tax Act. The court dismissed the argument for a vested interest in both income and corpus, stating that the crucial factor was whether the trustees held the property for the minor child's benefit on the relevant valuation date. Case-Laws Wealth-tax Wed, 05 Dec 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39829