Court : Punjab and Haryana
Decided on : Apr-30-1973
Reported in : [1974]96ITR101(P& H)
..... . it is also conceded by him that the policies in question are covered by the definition of 'life insurance business' as given in sub-section (11) of section 2 of the insurance act of 1938. the learned counsel also concedes that the policies in question are the policies of insurance, but he contends that the said policies being ..... present policies answer the description of policies of insurance and, therefore, the said policies are covered by the provisions of clause (vi) of sub-section (1) of section 5 of the wealth-tax act and are exempt. 10. the next contention of mr. awasthy, the learned counsel for the revenue, is that since the provisions regarding the annuities ..... question which falls for determination in order to answer the questions referred to us for opinion is whether the provisions of clause (vi) of sub-section (1) of section 5 of the wealth-tax act, in the present cases, are attracted or not 8. the first contention of mr. awasthy, the learned counsel for the revenue, is that .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Apr-16-1973
Reported in : AIR1973SC2258; 1975(0)BLJR242; [1973]90ITR97(SC); (1974)3SCC126; [1973]3SCR973
..... or tenure-holder shall cease to have any interests in such estate or tenure, other than the interests expressly saved by or under the provisions of the act. section 19 makes provision for the appointment of compensation officer who shall in the case of an estate or tenure which has vested in the state, prepare in ..... have been disposed of, there has to be a final publication of the compensation assessment-roll in accordance with section 28 of the act. section 32 provides for the manner of payment of compensation. sub-section (2) of that section reads.the amount of compensation so payable in terms of a compensation assessment-roll as finally published shall be ..... -holder to the compensation. the assessee, in our opinion, was vested with a right to get compensation immediately his land was vested in the state. section 2(e) of the act defines 'assets' to include property of every description, movable or immovable, but does not include certain catagories of property with which we are not concerned. .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Dec-11-1973
Reported in : AIR1974SC1069; (1974)1SCC567; [1974]2SCR655
..... assumed unless the relevant statute expressly or by inevitable implication does so. the question thus further resolves itself into the issue : how far section 9(1) of the abolition act confers exclusive jurisdiction on the settlement officer to determine inam estates?35. this matter is not res integra. in addenki tiruvenkata thata desika ..... dated september 16, 1952, of the estate abolition tribunal, respectively, be read as additional evidence. it was contended that the amending act 20 of 1960 had added section 9a to the abolition act, as a result of which, the order of the settlement officer had acquired 'statutory validity'; and since the appellants did not ..... the subordinate judge, srikakulam against the state government for a declaration that kadakalla village was not an 'estate' under section 3(2)(d) of 1908 act, and consequently, the rent reduction act and the abolition act were not applicable to it. the trial court decreed the suit. aggrieved by the decree, the state preferred an .....
Tag this Judgment!Court : Delhi
Decided on : Apr-17-1973
Reported in : ILR1973Delhi298; [1974]94ITR433(Delhi)
..... is relevant for the purpose of determining whether the transaction, assuming it to be a transfer of a capital asset, comes within the scope of sub-section (1) of section 52 of the act. sub-section (1) reads as under:- 'where the person who acquires a capital asset from an asses- see is directly or indirectly connected with the assessed ..... veil, we still find the assessed and the company to be two different entities. (34) the controversy is about the second condition in sub-section (1) of section 52 of the act, namely, whether the income-tax officer has reason to believe that the transfer was effected with the object of avoidance or reduction of the liability ..... the capital asset on the date of the transfer.'(33) there is no difficulty in holding that one of the two conditions prescribed under sub-section (1) of section 52 of the act, namely, that the person who acquires the capital asset from the assessed is directly or indirectly connected with the assessed, is satisfied in the present .....
Tag this Judgment!Court : Kerala
Decided on : Apr-06-1973
Reported in : [1974]96ITR365(Ker)
..... clear that, unless ownership of property or interest in property passes from one person to another, there can be no transfer of property as contemplated in section 2(xxiv) of the act.19. we have had not the advantage of seeing the original document which is in malayalam. the document describes itself as a deed of settlement. ..... value of his own property and to increase the value of the property of any other person.' 9. in transfer of property act, the definition is :'section 5 : in the following sections ' transfer of property' means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself ..... , or to himself and one or more other living persons; and ' to transfer property' is to perform such act.'10. the body of section 2(xxiv) of the gift-tax act says that any disposition, conveyance, assignment, settlement, delivery or other alienation of property is a transfer of property. the words 'or other .....
Tag this Judgment!Court : Gujarat
Decided on : Oct-01-1973
Reported in : [1976]102ITR232(Guj)
..... court of appeal reversed that order and held that the trustees were liable to estate duty as the beneficiary had an interest within the meaning of section 43 (1) of the finance act, 1940. the trustees took the matter in appeal before the house of lords. lord reid in his speech while considering what is the nature ..... assessment, though the assets of the three discretionary trusts were assessed to wealth-tax in the hands of the trustees as association of persons under section 21(4) of the said act. the appellate assistant commissioner, however, in appeals preferred by the respondent-assessee, was of the opinion that the respondent-assessee could be assessed only ..... that he was the sole beneficiary at the valuation date of the aforesaid respective assessment years. the wealth-tax officer has passed the said orders under section 21(2) of the wealth-tax act for the said respective assessment years on february 16, 1963, july 25, 1964, and march 5, 1965, respectively, including rs. 24,15,641 .....
Tag this Judgment!Court : Rajasthan
Decided on : Mar-09-1973
Reported in : AIR1974Raj4; 1973()WLN424
..... made by him in pursuance of the grant of the mining lease. he did not clearly intend to give the money to the state gratuitously. section 70 of the contract act provides that where a person law-fully does anything for another person or delivers anything to him not intending to do so gratuitously and some ..... can also prescribe the manner, the authority and other incidental matters for granting such a lease. the central government in exercise of the powers conferred by section 3 of the act of 1948 made 'the mineral concession rules, 1949'. rule 4 of the rules of 1949 provided that these rules shall not apply to minor minerals, ..... compensation. the land acquisition officer awarded compensation. rameshwar daval not being satisfied with the award asked the land acquisition officer to make a reference under section 18 of the land acquisition act. the district judge, kota, who heard the reference, increased the amount of compensation. it was against that order of the learned district judge that .....
Tag this Judgment!Court : Chennai
Decided on : Jul-05-1973
Reported in : AIR1975Mad50
..... authorised officer (land reforms), coimbatore, has found that the petitioners did not own lands in excess of the extent mentioned in sub-section (3) of section 4-a of the madras cultivating tenants protection act, 1955. nor have they been found to pay income-tax the authorised officer has also found that the petitioners are qualified to ask ..... (as he then was) was of the opinion that a literal interpretation of section 4-a (3) of the act giving the same meaning of the term 'cultivating tenant' as in sub-section (1) of the section would render nugatory the very provisions of the section and the right conferred on the landlord and the machinery set up to enforce the ..... not exceeding one-half of the extent of lands leased out to the cultivating tenant. the sub-section starts with the words 'notwithstanding anything contained in any other provision of this act'. it follows that the effect of the section is overriding. in other words, the right of the landlord to resume as provided for in sub .....
Tag this Judgment!Court : Chennai
Decided on : Sep-20-1973
Reported in : [1974]44CompCas254(Mad); [1974]94ITR323(Mad)
..... includible in the principal value of the estate. but the sweeping nature of the latter portion includes also the consideration of the applicability of section 15. though section 5 of the act was not specifically argued before the authorities below, the learned counsel for the revenue made his submissions on that question on the basis that ..... division bench of this court in mohanavelu mudaliar v. indian insurance & banking corporation ltd., [1957] 27 comp. cas. 47 in relation to sections 38 and 39 of the insurance act. section 38(5) clearly states the effect of an assignment as that the assignee is the only person entitled to benefit under the policy and such ..... found implied in the statutory provisions controlling those compensations. in worsley estate's case there was a special power conferred on the insured under section 244 of the insurance act to designate in writing a beneficiary to receive the insurance money or part thereof and to alter or revoke in writing any prior designation and .....
Tag this Judgment!Court : Chennai
Decided on : Jul-19-1973
Reported in : [1976]102ITR83(Mad)
..... of income-tax v. v. p. rao : [1950]18itr825(mad) . it was held therein that there is nothing in the words 'exercise of' occurring in section 4(3)(vii) of the act for holding that the person exercising the occupation should be of the said occupation already, and that receipts got as remuneration by a person, who is not already ..... the receipt was of a casual and non-recurring nature and not arising from the exercise of any profession, occupation or vocation and, therefore, not assessable under section 4(3)(vii) of the act.7. in support of this contention the learned counsel for the assessee relied on a passage in halsbury's laws of england, third edition, volume 3 ..... share the amount with nagaraj brothers and, therefore, he shared with them. in that view, the tribunal held that the receipt is exempt from assessment under section 4(3)(vii) of the act.4. at the instance of the commissioner of income-tax identical questions have been referred against the tribunal's orders in t.cs. nos. 255 and 256 .....
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