ARVINDPRASAD N MAFATLAL Vs. COMMISSIONER OF WEALTH-TAX

JUDGEMENT

(1.) IN accordance with the judgment just delivered in Wealth-tax Reference No. 1 of 1966 with which, the learned Counsel on both sides agree, this case is on all fours; the questions referred to us must be answered as follows - As far as the 2500 preference shares of Mafatlal Gagalbhai & Co. Pvt. Ltd. transferred to Maithili Family Trust No. 1 under the indenture if trust dated 21st June 1958 are concerned, the assets to the extent of the interest of the minor alone, as valued on the valuation date, are includible in the net wealth of the assessee under Section 4(1)(a)(iii) of the wealth-tax Act. The Commissioner must pay the assessee's costs of the Reference.