https://www.taxtmi.com/caselaws?id=58677 The case involved a dispute regarding whether a gift made by the assessee to a company should be considered an indirect gift to minor children for wealth tax assessment. The court determined that as the company, a separate legal entity, held the gifted amount on the relevant valuation date, the asset was not held by the minor children, thus sub-clause (v) of the Wealth-tax Act did not apply. The court also clarified that sub-clause (vi) did not apply to the assessment year in question. Consequently, the court directed the deletion of the gifted amount from the assessee's net wealth, allowing the appeal. en-us Wed, 07 Jan 1987 00:00:00 +0530 Tue, 21 Dec 2010 14:51:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58677 The case involved a dispute regarding whether a gift made by the assessee to a company should be considered an indirect gift to minor children for wealth tax assessment. The court determined that as the company, a separate legal entity, held the gifted amount on the relevant valuation date, the asset was not held by the minor children, thus sub-clause (v) of the Wealth-tax Act did not apply. The court also clarified that sub-clause (vi) did not apply to the assessment year in question. Consequently, the court directed the deletion of the gifted amount from the assessee's net wealth, allowing the appeal. Case-Laws Income Tax Wed, 07 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58677