Judgment Search Results Home > Cases Phrase: gift tax act 1958 cease to have effect on or after the 01 10 1998 section 35e proof of entries in records or documents

Commissioner of Gift-tax Vs. Ch. Chandrasekhara Reddy

Court : Andhra Pradesh

Reported in : [1976]105ITR849(AP)

..... chettiar, : [1969]74itr758(mad) the words 'money's worth' in section 2(xii) of the gift-tax act came up for consideration before a division bench of the madras high court and it was held that the words ''money's worth' in section 2(xii) of the gift-tax act, 1958, have a wide connotation and are not necessarily to be understood in the strict context of money in specie but that which would eventually or in the ultimate analysis or result be reduced to or converted into money and, as the payment in the instant case had the effect of giving quittance to the family obligation to maintain the karta's wife, ..... raghavachariar, in his commentary on hindu law, 5th edition, states at page 1103 : 'the words 'incident to marriage' are used to indicate the necessity for inclusion in the expenses payable for the marriage of an unmarried daughter not only the actual expenses of her marriage but also the expenses incidental to the marriage, namely, presents at the marriage, and other necessary expenses that have to be customarily incurred both before and after the actual marriage such as the expenses of the betrothal function and the nuptials that may take place ..... this contention was rejected by the gift-tax officer, since the assessee was assessed as an individual in the income-tax records. ..... . by executing this document, we are also unable to hold thatthe assessee is relieved from his obligation .....

Commissioner of Gift-tax Vs. Neelambal Ramaswamy

Court : Chennai

Reported in : (1986)52CTR(Mad)411; [1987]164ITR369(Mad)

..... at the instance of the revenue, the following question was referred for the opinion of this court : 'whether, on the facts and in the circumstances of the case, the gifts made by the assessee to her son and daughter were entitled to exemption under section 5(1)(vii) of the gift-tax act, 1958 ?' 2 ..... section 5(1)(vii) of the gift-tax act, 1958, which is the relevant provision reads as follows : 'gift-tax shall not be charged under this act in respect of gifts made by any person - ..... ..... 000 under section 5(1)(vii) of the gift-tax act, 1958, in respect of these two gifts. ..... if it would have been found in this case that possession of the land was delivered to the daughter on the occasion of her marriage, one could say that oral gift of the land was made coupled with delivery of possession on the occasion of the marriage, although in the eye of law there was no gift or, in any event, the gift was not complete until a registered document was executed by the donor. ..... the appellate assistant commissioner also took the same view and held that the expression 'on the occasion of the marriage' means 'at the time marriage' and since the gifts were made nearly 11 months after the marriage, he confirmed the disallowance of exemption ..... in this case, as seen from the facts and the gift deed also recited to that effect, that the gifts were intended at the time of the marriage itself but that could not be made earlier to may 26, 1971, because of certain unfortunate events that had happened in the family. .....

M/S. Nalco Chemicals India Ltd. Vs. The Commissioner of Income Tax, Ko ...

Court : Kolkata

..... which starts functioning, on or after the 1st day of april, 1990 but before the 1st day of april, 1991, provisions of the sub-section shall have effect as if for the words seven assessment years , the words nine assessment years had been substituted: provided also that in the case of an assessee, being a co-operative society, deriving profits, and gains from an industrial undertaking or a ship or a hotel referred to in the third proviso, the provisions of that proviso shall have effect as if for the words nine assessment years , the words eleven assessment ..... any purpose, if the following conditions are fulfilled, namely:(a) such machinery or plant was not, at any time previous to the date of the installation by the assessee, used in india; (b) such machinery or plant is imported into india from any country outside india; and (c) no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee. ..... the question arose whether the assessee was entitled to the benefit under section 80i of the income-tax act. .....

Shri Jitendra Manghnani Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... following the doctrine of strict interpretation of taxing statutes the question to be decided here is whether the provisions of section 5(1)(iib) of the gift tax act are applicable to the appellant's case or not. ..... the department wants that once section 5(iib) of the gift tax act has referred to section 2(q) of fer act then one has to confine only to fer act for determining whether "person was resident in india" or not. ..... he also relied on the speech of the hon'ble finance minister while introducing the provisions of section 5(1)(iib) of the gift tax act. ..... (i) a citizen of india, who has, at any time after the 25th day of march, 1947, been staying in india, but does not include a citizen of india who has gone out of, or stays outside, india, in either case (b) for carrying on outside india a business or vocation outside india, or (c) for any other purpose, in such circumstances as would indicate his intention to stay outside india for an uncertain period; (ii) a citizen of india, who having ceased by virtue of paragraph (a) or paragraph (b) or paragraph (c) of sub-clause ..... rejected the claim by holding that the provisions of section 2(q) of foreign exchange regulation act, 1973 would be applicable to the case of the assessee and since the assessee is in india with effect from 6.6.97 and remained in india for his personal reasons , his case would be covered within the meaning of section 2(p)(ii)(c). ..... we have heard the rival submissions and perused the materials on record. .....

Commissioner of Income-tax Vs. U.C. Mahatab, Maharaja of Burdwan

Court : Kolkata

Reported in : (1981)21CTR(Cal)244,85CWN203,[1981]130ITR223(Cal)

..... under section 4 of the hindu succession act, the law of succession hitherto applicable to the hindus, either by virtue of any text, rule, custom or usage, ceased to have effect in respect of matters dealt with under the said act. ..... the decision delivered by the learned acting chief justice was on the following question : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that separate assessments should be made on the assessee as an individual and also as the karta of the joint hindu family under the expenditure-tax act, 1957, for the assessment years 1958-59 and 1959-60?'16. ..... therefore, it was a law, as the tribunal seems to suggest to modify those operations of the hindu law which related to impartible estate ; according to the tribunal, in this case, there is nothing on record to show that the present assessee, with whose income we arc concerned, became a successor to the impartible estate after the coming into operation of the hindu succession act, 1956. ..... he further found that there was a clear bar in hindu law from making a gift by a coparcener till the individual coparcener's interest was determined by means of partition and the very fact that the assessee had made a gift in favour of his brother on the 17th october, 1958, to the detriment of the existing huf proved that the claim for partition was not enforceable. .....

Kdh Properties Private Limited Vs. Assistant Commissioner of Income Ta ...

Court : Chennai

..... attachment shall cease to have effect after the expiry of a period of six months from the date of the order made under sub-section(1) : provided that the chief commissioner, commissioner, director general or director may, for reasons to be recorded in writing, extend the aforesaid period by such further period or periods as he thinks fit, so, however, that the total period of extension shall not in any case exceed two years : provided further that where an application for settlement under section 245c is made, the period commencing from the date on which ..... u/s.281b of the income tax act, 1961 whereas in the case of m/s.kdh properties pvt ltd (aacck6839n) (hereinafter referred to as assessee) and the assessment proceedings for assessment year 2011-12 is to be completed in accordance with the provisions of the income tax act, 1961; and whereas completion of proceedings for assessment year 2011-12 in this case are likely to result in a substantial demand; and whereas the assessee is a resident possessing the schedule mentioned property in india; and whereas the undersigned is of the opinion that for the purpose of protecting the interests of revenue ..... the officers, consequent to the survey made under section 133a of the act, impounded books of accounts and documents under the cover of a letter dated nil. .....

Controller of Estate Duty Vs. Trustees of H.E.H. the Nizam's Supplemen ...

Court : Andhra Pradesh

Reported in : [1987]168ITR142(AP)

..... inland revenue commissioners [1937] ac 174 (hl) and also to the following passage in green's death duties : 'if, after such a comparison, it appears that the beneficial enjoyment of the property (or a definable part thereof) was, in substance and in events, unaffected by the death the property (or that part thereof) did not pass on the death merely because as a matter of terminology one set of limitations then ceased to have effect and another became operative. ..... the question to be considered in the present case is, when did the property pass under section 5 of the estate duty act in the case of ever person dying after the commencement of the act, except as otherwise provided expressly, there shall be levied and paid upon the principal value ascertained of all property, settled or not settled, which passes on the death of such a person, a duty called 'estate duty' at the rates fixed in occordance with section 35. ..... nizam's supplemental family trust : [1968]68itr508(ap) , wherein the question was whether section 21(4) of the wealth-tax act was applicable for the purpose of assessment of wealth-tax. ..... the tribunal recorded a finding that the present beneficiaries have been subjected to wealth-tax and income-tax separately even during the lifetime of the settlor. ..... the following passage at page 57 of law and practice of estate duty, wealth-tax and gift-tax, by v. ..... by a document dated may 18, 1956, the nizam and other trustees relinquished their remuneration. .....

The Commissioner of Gift Tax, Kerala Vs. Smt. R. Valsala Amma

Court : Supreme Court of India

Reported in : (1972)4SCC399; 1972(4)LC156(SC)

..... section 2(xviii) of the gift tax act, 1958 defines person as person includes a hindu undivided family or a company or an association or a body of individuals or persons, whether incorporated or not. ..... it says subject to the other provisions contained in this act, there shall be charged for every (assessment year) commencing on and from the 1st day of april, 1958, a tax (hereinafter referred to as gift-tax) in respect of the gifts, if any, made by a person during the previous year (other than gifts made before the 1st day of april, 1957) at the rate or rates specified in the schedule.5. ..... the gift tax act can not change the general law relating to the rights of property. ..... after the death of unniammalu amma her two daughters appear to have effected a partition on june 7, 1961 of some of the properties bequeathed to them under the will of their mother. ..... it is surprising that the income tax officer or the appellate assistant commissioner or the tribunal should have ever thought that the gift in question was by an association or by a body of individuals. ..... the gift tax officer assessed the assessee as an association. ..... each one must be held to have made a gift of her share of the property though the gift is made through one single document. ..... the question referred to the high court that remains to be considered by this court is:whether on the facts and in the circumstances of the case, the assessment of the assessee in the status of an association of persons was proper? .....

Commissioner of Gift-tax, Kerala Vs. R. Valsala Amma

Court : Supreme Court of India

Reported in : [1971]82ITR828(SC)

..... section 2(xviii) of the gift tax act, 1958 defines 'person' as 'person' includes a hindu undivided family or a company or an association or a body of individuals or persons, whether incorporated or not. ..... the gift tax act did not change the general law relating to the rights of property. ..... it says 'subject to the other provisions contained in this act, there shall be charged for every (assessment year) commencing on and from the 1st day of april, 1968, a tax (hereinafter referred to as gift-tax) in respect of the gilts, if any, made by a person during the previous year (other than gifts made before the 1st day of april, 1957; at the rate or rates specified in the schedule.'6. ..... after the death of unnismmalu amma her two daughters appears to have effected a partition on june 7, 1961 of some of the properties bequeathed to them under the will of their mother. ..... the question to decision is whether in respect of the said gift the assessee should be assessed as an association or as a body of individuals or individual the gift tax officer assessed the assessee as an association. ..... it is surprising that the income-tax officer or the appellate assistant commissioner or the tribunal should have ever thought that the gift in question was by an association or by body of individuals. ..... each one must be held to have made a gift of her share of the property though the gift is made through one single document. .....

Commissioner of Income-tax/Commissioner of Wealth-tax/Commissioner of ...

Court : Chennai

Reported in : (1997)140CTR(Mad)24; [1997]223ITR515(Mad)

..... 60,000 by the assessee to each of the six minor daughters of the assessee, was family arrangement or was in discharge of the legal obligation of the assessee family towards the said daughters and, therefore, the transfer would not amount to a gift within the meaning of section 2(xii) of the gift-tax act ?' 9. ..... radhakrishna gade rao [1983] 143 itr 260 , where it was held that the settlement of property on the unmarried daughter could be said to be in discharge of the legal obligation of the hindu undivided family and it cannot be considered to be a gift under section 2(xii) of the gift-tax act. 7. ..... that where the donor makes a gift of an amount by transfer entries from the credit account which he has with a firm, hindu undivided family or company', and that amount is available with that firm, family or company as cash on hand on the date of the gift, then a valid gift by book entries is possible; but that, where the said firm, family or company does not carry on banking business and does not have any overdraft facilities and the amount is not available with it, mere book entries in the accounts will ..... 1468 to 1471 of 1982 have arisen, the tribunal after holding that there is no gift chargeable to gift-tax, alternatively held thus : 'if not a gift, it is a family settlement or arrangement, by which rs. ..... under that declaration, the partial partition was effected by setting apart a sum of rs. .....