H. B. YESHWANT RAO GHORPADE vs THE COMMISSIONER OF WEALTH TAX, BANGALORE

The Supreme Court interpreted Section 4(1)(a)(iii) of the Wealth Tax Act, 1957, determining that the term 'benefit' does not encompass deferred benefits, as amended by the Wealth Tax (Amendment) Act, 1964. The Court held that the shares in the family trust were not held for the immediate benefit of the minor children as of the valuation dates, March 31, 1958, and March 31, 1959, since the charitable trust was entitled to the income until the children attained majority. Consequently, the shares were excluded from the net wealth assessment of the appellant.