Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)27ITD338(Mad.)
..... by her husband, she was appointed as the executrix and she was always acting as an executrix in all the subsequent proceedings and also as a guardian to the minor and she never asserted her right as the owner of half of the property, and (ii) in the returns filed for the assessment year 1952-53 and onwards she claimed the status of huf. ..... since she has not exercised her right as the owner of the half of the property and always acting as the executrix and guardian of her minor son, her conduct would amount to self-effacing her right in the property in favour of the nearest reversioner sri ramanarayan patro.10 ..... shyamala devi the widow of the late vasudeva patro had a limited half share in the property 'kesava bagh' by virtue of the provisions of the hindu women's right to property act, 1937 ..... thus, considering the facts appearing in this case in the light of the above discussion, we hold that the order passed by the appellate controller of estate duty on this point is quite correct and reasonable ..... 1286/80-81/1(4), dated 9-7-1984 for the assessment year 1973-74 after analysing the facts in detail in the light of certain judicial pronouncements he clearly came to the conclusion that the property 'kesava bagh' was in the possession and enjoyment of both the mother and the son jointly and, therefore, he held that they are the co-owners of this property having half share each. ..... devi, mother of the deceased did not make any claim for half share in the said property before any court of law. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD184(Mad.)
..... in such cases, either the customer foregoes the interest accrued on deposit, or he borrows the amount required against the security of his fixed deposit at a rate of interest which is generally two to two and half per cent higher than the rate allowed on the deposit. ..... in the above circumstances, it will be fair and just to estimate the deceased's share in the deposits at one-half and this amount may be treated as passing on death. ..... kannan, it was claimed that half the deposits by that time in indian banks alone, belonged to the deceased and the other half belonged to the assessee.the assessee, it was mentioned, clarified before the aac that the claim of huf status was being claimed only in respect of 50 per cent of the total deposits, that is, that portion which ..... assessee and the net savings could broadly be taken as 50 : 50 belonging to the assessee and her husband.she had categorically stated that the share of the deceased that could be treated as passing on his death could be half of the amount and the other ..... the other half belongs to me both factually and legally and, therefore, this portion of deposit cannot pass on the deceased's death. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)27ITD176(Mad.)
..... (i) no wealth-tax shall be payable where the net wealth does not exceed the following limit, namely: -- it may be noted that the rate of one-half per cent in section 21(4)(b) was raised to 3 per cent with effect from 1-4-1980 and the basic exemption in part i was raised from rs. ..... the contention of the assessee is that even if the wto exercises the option to levy tax at the rate of one-half per cent under section 21(4)(b), the assessee would not be liable to wealth-tax if the net wealth does not exceed ..... the other hand, it was contended on behalf of the revenue that since the wto is entitled to follow whichever course would be more beneficial to the revenue, the section enables the levy of tax at one-half per cent on the net wealth without reference to the schedule of the act.4. ..... there will be an internal contradiction in the section if we assume that section 21(4)(b) imposes tax @ a one and a half per cent on the net wealth without the basic exemption. ..... must, therefore, read these two clauses together as substituting the rate of one and a half per cent in the schedule according to the option of the wto. ..... if this clause had read "at the rate of one and a half per cent of the net wealth" [emphasis supplied], then there would have been no doubt ..... is given to the wto to impose tax @ one and a half per cent if that course would be more beneficial to the revenue. ..... in the light of the foregoing discussion, we find that for the assessment year 1973-74 the net wealth having been determined at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)37ITD55(Mad.)
..... 8 lakhs and certain lands in kothagai village and in return they were required to transfer half of their share-holdings in mahalakshmi textile mills ltd. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD23(Mad.)
..... opening stock as at the beginning of the year for the bonded expansion department was wrong because the assessee had, in the then prevailing view, claimed relief on average capital and it is for this reason it took half of the closing stock (as average of nil opening stock and the closing stock) as stock in working out the capital employed for purposes of relief under section 80-j. ..... the fact that such average is half of closing stock itself shows that opening stock was nil. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1996)59ITD94(Mad.)
..... under the above circumstances, especially in the light of the circulars issued by the central board of direct taxes, we hold that the commissioner of income-tax was not justified in revising the assessment of the assessing officer. ..... the learned counsel also contended that even the property was subjected to property tax by the municipal corporation for the second half of 1988-89. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2004)91ITD347(Chennai)
..... s.sharmila and thereby the assessee transferred his half share in the property alongwith the building to his daughter in lieu of her maintenance. ..... the assessee has transferred his half share in the property in favour of his daughter by document dated 22.10.90. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD617(Mad.)
..... the approval was given by the commissioner with effect from 28-7-1975 by his order dated 26-10-1976.though the assessee need pay only half of the admissible amount by 1-4-1976 it has paid to the fund the full admissible amount of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD1127(Mad.)
..... one was that the letter of the employer, dated 18-5-1978, referred to above, stated that the gratuity for 36 years of service, at the rate of half of month's salary for each year, came to rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD210(Mad.)
1. this appeal is directed against the order of the commissioner (appeals) holding that the income arising from a legacy before distribution was not taxable in the hands of the legatee-assessee.2. the assessee is the widow of m. parianna pillai who died on 3-4-1958. between 6-2-1956 and 5-1-1957, he had taken out six life insurance policies assuring a sum of rs. 2,50,000 on his life. in the policies, he nominated his wife, smt. saraswathi ammal, under section 39 of the insurance act, 1938. on 16-2-1958, he made a will bequeathing the life insurance amount and company shares absolutely to his wife. by the same will, he bequeathed the other immovable and movable properties to his wife and all his sons and daughters numbering eight absolutely and equally and stated that if there are any liabilities, his wife and children shall discharge the same with the help of his assets. the will also stated that his wife shall administer his estate after his death.after he died on 3-4-1958, his widow, i.e., the assessee claimed the insurance amount but the lic did not immediately settle the claim.therefore, she filed a suit o.s. no. 53 of 1961 in the sub-court of salem on 3-4-1961. the suit was decreed on 25-4-1968 directing the lic to pay a sum of rs. 2,50,000 with interest at 6 per cent per annum from the date of the suit and with costs as well. the lic filed an appeal to the high court on 12-6-1969 and applied for stay of the execution of the decree. on the direction of the high court, .....
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