Judgment Search Results Home > Cases Phrase: official trustees act 1913 section 9 appointment of official trustee as trustee by will Court: income tax appellate tribunal itat hyderabad Page 1 of about 2 results (0.113 seconds)

Mohammed Omer Family Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1992)40ITD1(Hyd.)

..... receive, on behalf of or for the benefit of any person, such court of wards, administrator general, official trustee, receiver or manager; (iv) in respect of income which a trustee appointed under a trust declared by a duly executed instrument in writing whether testamentary or otherwise (including any wakf deed which is valid under the musalman wakf validating act, 1913 (6 of 1913) receives or is entitled to receive on behalf of or for the benefit of any person, such trustee or trustees....thus a representative assessee is one who receives or is entitled to receive on behalf of or for the ..... gains of business, tax shall be charged on the whole of the income in respect of which such person is so liable at the maximum marginal rate: provided that the provisions of this sub-section shall not apply where such profits and gains are receivable under a trust declared by any person by will exclusively for the benefit of any relative dependent on him for support and maintenance and such trust is the only trust so declared by him. ..... nothing in income-tax law which holds that the trustees liability will be limited to the beneficiaries liability apart from what is given in section 161(1). ..... this will be evident from the fact that notwithstanding the "nonobstante clause", the representative character of the trustee is retained throughout the section, as for instance by the user of the words "liable as a representative assessee"; the expression "such person" would again refer to the .....

income-Tax Officer Vs. Trustees Of Heh the Nizam'S

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1995)52ITD316(Hyd.)

..... above discussion, our answer to the third question is that the capital gains realised on the sale of the jewellery is exigible to tax and that assessment should be made under section 164 of the it act.the difference between the present case and the case mentioned supra is the jewellery was sold in the present case under court orders whereas the jewellery was sold in the other case ..... the dynasty of the settlor shall come to an end for any reason whatsoever and there shall be no nizam of hyderabad existing at the date of the death of the said fatima fouzia then the trustees shall in the event aforesaid hand over and transfer fatima fouzia's jewellery fund to the eldest male descendant in the direct male line of succession of the settlor according to the law of primogeniture then living ..... above the share which their parent would have taken if then living provided, however, that if the said fatima fouzia shall die without leaving any child or remoter issue her surviving then the trustees shall hold fatima fouzia's jewellery fund upon trust for the nizam of hyderabad who may be surviving at the date of the death of the said fatima fouzia in order to enable him ..... court's order dated 25-3-1981 is as follows : the trustees will be entitled to take proceedings for the sale of the jewellery in schedules 1 and 2 of the trust deed as per the provisions of sections 37 and 38 of the indian trusts act in consultation with respondents 1 & 2, viz. ..... settlor appointed four trustees including himself .....

M. Janardhan Rao Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)44ITD283(Hyd.)

..... a juristic person is not a person as defined in section 2(31) of the income-tax act, 1961 and, therefore, in the event ofloss being occasioned to the trustee there is no obligation on him to file any return in a representative capacity under section 129(1) of the act.returns of losses by individuals, firms, companies, association of persons and other specified categories of persons as laid down under section 2(31) of the act can be filed under section 139(3) of the act for the purpose of determination ofloss under section 80 and for set off and ..... the mere fact that a person is holding property on behalf of another will not constitute a trustee, unless ownership of the property is also vested in him. ..... elaborating his argument further the assessee's counsel submitted that nowhere the settlor has stated in the trust deed that the beneficiaries will not be liable for losses incurred in any business being done and carried by the trustees as per the direction and wishes of the settlor. ..... , a company incorporated under the companies act, 1956 has been appointed by the settlor as 'trustees" to carry out and fulfil the purpose and object of the trust. ..... for if the answer is in the affirmative then the result will be disasterous and ruinous because the beneficiaries and their estates will ultimately get eaten up and deplete if the liabilities and losses of the trust are to be fastened on them. .....

M. Janardhan Rao Vs. Income Tax Officer.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)45TTJ(Hyd.)490

..... , a company incorporated under the companies act, 1956, has been appointed by the settlor as "trustees" to carry out and fulfil the purpose ..... a person is holding property on behalf of another will not constitute a trustee, unless ownership of the property is also vested ..... counsel submitted that nowhere the settlor has stated in the trust deed that the beneficiaries will not be liable for losses incurred in any business being done and carried by the trustees as per the direction and wishes of the settlor. ..... who has been made a beneficiary of a trust without his consent and will be saddled with liabilities of the trust or losses of trusts business carried on by the trustees particularly when the beneficiaries are not to be consulted by the trustees for carrying on a particular business or for that matter have any say in the management or day-to-day affairs of the trusts business carried on by the trustees the answer obviously and emphatically shall be no and only no.. ..... trust incurs losses, the trustees cannot pass it on to the beneficiaries, they will have to take the loss ..... or if the answer is in the affirmative then the result will be disastrous and ruinous because the beneficiaries and their estates will ultimately get eaten up and deplete if the liabilities and losses of the trust ..... the continuous losses in a business the entire corpus or the trust fund may be eaten up or wiped off and no trust property will ultimately pass on or be transferable or vest in the beneficiaries.35. .....

Wealth-Tax Officer Vs. Trustees Of Heh the Nizam'S

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1990)35ITD402(Hyd.)

..... coming now to the applicability of section 21(1a) of the act, in respect of assessment made under section 21 (4) of the act it is to be noted that section 21 of the act deals with assessment in cases where assets are held by a court of wards, or an administrator general or an official trustee or any receiver or manager or any other person, by whatever name called, appointed under any order of a court to manage property on behalf of another, or any trustee appointed under a trust declared by duly executed instrument in writing whether testamentory or otherwise. ..... although the main aim of the valuer is to provide an estimate of market value it should not be assumed that the valuer's assessment of value and the market price or market value will always be the same.different valuers could well place different values on a particular interest at a particular time because they are making estimate and there is normally room within certain limits for difference of opinion.it is wellsaid ..... commenting on the risk, hazards and uncertainties it was submitted by the learned counsel that:- (i) as on the valuation dates relevant for the assessment years 1980-81 and 1981-82 no willing purchaser would offer even 10 percent of the value of the jewellery in view of the last minute decision of the central government. ..... stated that for a moment, if it is interpreted as beneficial interest of the assessee the entire section will become redundant and there will not be any residue corpus. .....

Trustees of Heh the Nizams Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1994)51ITD363(Hyd.)

..... such assets are held fails short of the value of any such assets, then, in addition to the wealth-tax leviable and recoverable under sub-section (1), the wealth-tax shall be levied upon and recovered from the court of wards, administrator-general, official trustee, receiver, manager or other person or trustee aforesaid in respect of the value of such assets, to the extent it exceeds the value or aggregate value of such interest or interests, as if such excess value were the ..... basis for estimating the value and therefore the value of the entire corpus is allocated by the assessee amongst the remaindermen, cannot be accepted firstly because the allocation by the assessee is in contravention of the scheme of the act and the principles laid down by the supreme court, and secondly because the valuation on acturial basis represents the most scientific and recognised method in valuing the interests of the beneficiaries for purposes of assessment ..... to estimate and deduct the value of life interest irrespective of the fact whether it was returned by the assessee or not, or whether it was assessed by the department or not, and it is only when something is left out, the value will be adjusted between remaindermens interest and remainder corpus.this also, according to the learned counsel of the assessee, is provided as per rule 1b of the wealth-tax rules which is obligatory on the department.11. .....

Vbc Ferro Alloys Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... (16 of 1908), established to raise monies by the trustees for investment by way of acquiring shares or providing long-term finance to an enterprise carrying on the business of developing, maintaining and operating infrastructure facility ; (c) "infrastructure facility" shall have the meaning assigned to it in clause (ca) of sub-section (12) of section 80-ia ; ii section 10(23g) was again amended by finance act, 1997, as follows: (i) the words, brackets, figures and letters, "which fulfils the conditions specified in sub-section (4a) of section 80-ia" shall be omitted ; (ii) in the explanation, for clause (c), the following ..... , highway, bridge, airport, port, rail system or any other public facility of a similar nature as may be notified by the board in this behalf in the official gazette ; which fulfils the conditions specified in sub-section (4a) of section 80-ia ; (ii) a water supply project, irrigation project, sanitation and sewerage system which fulfils the conditions specified in sub-section (4a) of section 80-ia ; (iii) a project for generation or generation and distribution of electricity or any other form of power where such project starts generating power on or after ..... the central board of direct-taxes have clarified by way of a press release that the exemption available under the provisions of section 10(23g), prior to its amendment by the act, will continue to govern the investments made prior to june 1, 1998. .....

income-tax Officer Vs. Tirumala Constructions Ltd.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1987)20ITD494(Hyd.)

..... following orders of an income-tax officer may appeal to the appellate assistant commissioner against such order-- (c) an order against the assessee, where the assessee denies his liability to be assessed under this act or any order of assessment under subsection (3) of section 143 or section 144, where the assessee objects to the amount of income assessed, or to the amount of tax determined, or to the amount of loss computed, or to the status under which he is assessed ; according to the learned departmental ..... kanpur coal syndicate [1964] 53 itr 225 (sc), and order of the tribunal bench 'b', calcutta in official trustee of west bengal for trust of smt. ..... the calcutta bench of the tribunal in official trustee of west bengal for trust of smt. ..... tara devi aggarwal's case (supra) the following is held : the learned advocate for the assessee contends that under section 33b the commissioner had no jurisdiction to cancel the assessment made by the ito inasmuch as it cannot be said that where an assessee has been assessed to tax it was prejudicial to the interests of revenue on the ground that no assessment ..... we, therefore, hold that such an assessee has a right of appeal under section 30 of the act against the order of the income-tax officer assessing the association of members instead of the members thereof individually....here also the question is whether the assessee should be assessed to income-tax on the income returned ..... profit will arise only in the year when the sale is effected .....

J. Narayana Murthy Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)18ITD125(Hyd.)

..... by operation of law the insolvent has lost all rights, title and interest in the property as it is vested in the official receiver.though the insolvent under section 67 of the provincial insolvency act is entitled to surplus of the sale proceeds of the property that may remain after all the creditors are paid off it is not a legal right but is a mere hope or expectation. ..... on adjudication the property of the insolvent vests in the court or official receiver under sub-section (2) of section 28 and shall become divisible among the creditors. ..... he issued notice under section 139(2) of the income-tax act, 1961 ('the act') to the official receiver who filed a nil return. ..... section 49 of the act also has no application to the case of an official receiver as the vesting in him does not come in the modes of acquisition provided in section 49. ..... the learned departmental representative submitted that the official receiver comes under section 160(1)(iii) capital gain is a deemed income. ..... the official receiver is the officer of the court and he is appointed by the government under the act. ..... the official receiver acted only as a trustee of the creditors to sell the properties and distribute the proceeds as dividends amongst them. ..... the property will be held by him in trust for the creditors and he has no interest of his own. .....

Gift-tax Officer Vs. A. V. Reddy Trust.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1984)9ITD139(Hyd.)

..... we have carefully considered the records as well as the arguments.section 4(1) (a) of the act enables the gto to deem a gift where the consideration is inadequate in the following words : "(a) where property is transferred otherwise than for adequate consideration, the amount by which the market value of the property at the date of ..... the company within 28 days of such notice can make the purchase by itself at that price or arrange a sale to any other member or any other person appointed by it as a desirable person in the interest of the company. ..... in answer to that above question one of the senior officials of the board who was connected with the framing of rule replied thus : a question has been raised here why we allow a discount of only 15 per cent from the break-up value ..... he also claimed that some of the parties are trustees who are not expected to make a gift when they sell the shares entrusted to them for custody on behalf of the minors and other beneficiaries ..... the madras high court in this case pointed out that the gift-tax act, 1958 (the act) or the rules thereunder do not contain any detailed method of valuation of unquoted ..... we are mentioning these facts to show that though there is an element of approximation and estimation in fixing 15 per cent as discount for restriction on the shares, it will not be correct to say that it is an allowance without any scientific basis. ..... a single shareholder not having controlling interest, cannot bring a company to liquidation as his will. .....