Court : Chennai
Reported in : [2000]243ITR509(Mad)
..... 89 of 1994 is set out as under :'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in valuing the entire property by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to hindu undivided family at rs. ..... the income-tax officer had sought to value the land and building separately by applying rule 1bb while the assessee invoked section 7(4) of the wealth-tax act, as it then stood, as the building was used by him as a residential house and had been so used by him in the 12 months immediately preceding the assessment year. ..... 6,53,054 by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to the hindu undivided family at rs. ..... the appellate authority and the tribunal have held that section 7(4) of the wealth-tax act is the appropriate provision to be applied for valuing the land and building. ..... of twelve months immediately preceding the valuation date to value the same on the valuation date next following the date on which he became the owner of the property or on the valuation date relevant to the assessment year commencing on april 1, 1971, whichever date is later. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... this reference under section 27(1) of the wealth-tax act, 1957, raises some interesting and important questions relating to the construction of section 2(m) and section 7of the wealth-tax act which have been argued with considerable vigour and ability by both the sides. ..... the liability to pay income-tax and super-tax could be an existing liability or obligation on the last date of the accounting year when the making or the accrual of the income for the year could be said to be complete and we see no reason why this tax liability should not be regarded as a debt owing by the assessee on the valuation date within the meaning of section sec of the wealth-tax act though the quantification thereof could only be made on or after the commencement of the relevant assessment year. ..... but the observations therein made can be said equally to apply to the indian income-tax act, 1922, which to a large extent has drawn its inspiration from the provisions of the english statute. ..... - (a) fixed deposits, (b) loans and advances from subsidiaries, (c) short term loans and advances, and (d) other loans and advances. ..... in this case the amounts were ascertained very shortly after the valuation date. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626
..... mammed kayi, : [1981]129itr307(sc) in that case, the question was whether mapilla marumakkathayam tarwards of north malabar -- muslim undivided families governed by the marumakkathayam act (madras act 17 of 1939) -- fell within the expression 'individual' and were assessable to tax under section 3 of the wealth tax act, 1957.24. ..... (1) subject to the other provisions contained in this act, there shall be charged for every assessment year commencing on and from the first day of april, 1957 but before the first day of april, 1993, a tax (hereinafter referred to as wealth tax. ..... sub-section (1) provides that where assets chargeable to wealth tax are held by an association of persons (other than a company or a cooperative society) and the individual shares of the members of the said association in income or the assets of the association on the date of its formation or at any time thereafter, are indeterminate or unknown, wealth tax will be levied upon and recovered from such association in the like manner and to the same extent as it is leviable upon and recoverable from an individual who is a citizen of india and is resident in india at the .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... this reference under section 27(1) of the wealth tax act, 1957, raises some interesting and important questions relating to the construction of section 2(m) and section 7 of the wealth tax act which have been argued with considerable vigour and ability by both ..... liability to pay income-tax and super-tax could be said to be an existing liability or obligation on the last date of the accounting year when the making or the accrual of the income for the year could be said to be complete and we see no reason why this tax liability should not be regarded as a debt owing by the assessee on the valuation date within the meaning of section 2(m) of the wealth tax act, though the quantification thereof could only be made on or after the commencement of the relevant assessment ..... relating to the income and expenditure of the company arranged under the most convenient heads; and in particular, shall disclose the following information in respect of the period covered by the account: x x x x xx x x x x (vi) the amount of charge for indian income-tax and other indian taxation on profits, including, where practicable with indian income-tax any taxation imposed elsewhere to the extent of the relief, if any, from indian income-tax and distinguishing, where practicable between income-tax and other taxation. ..... (a) fixed deposits; (b) loans and advances from subsidiaries; (c) short term loans and advances and (d) other loans and advances. ..... the amounts were ascertained very shortly after the valuation date. .....
Tag this Judgment!Court : Delhi
Reported in : AIR1991Delhi325
..... this judgment is not helpful to the case of the defendants in view of the admissions made by the defendants in their income-tax and wealth tax matters which clearly show that their contribution was not more than one- fourth share in any event. ..... he has also contended that that copies of the income-tax assessment orders are not admissible in evidence: (11) section 45 of the transfer of property act lays down that where immovable property is transferred for consideration to two or more persons and such consideration is paid out of a fund belonging to them in common, they are, in the absence of a contract to the contrary, respectively entitled to interests in such property identical, as nearly as may be, with the interests to which they were respectively ..... puram, sector-iv, a hut was taken and a business in the name and style of national store was commenced according to him, this was a joint business whereas defendant no. ..... 2 is the owner to the extent of her respective contribution therein, it is pleaded that the property in question could not be partitioned by metes and bounds particularly when the same is a leasehold property. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]170ITR181(AP)
..... , is that the tribunal was in error in holding that the assessment orders under the wealth-tax act for the assessment years 1966-67 to 1973-74 were made 'on a protective basis'; on the other hand, the said assessments were made on a regular basis, accepting the wealth returned by the assessee, and that the said assessment orders under the wealth-tax act completely and fully explain the investments during the accounting year relevant to the assessment year 1974-75. ..... the assessee filed a further appeal before the income-tax appellate tribunal before the tribunal, the assessee contended that in the assessments made under the wealth-tax act for the earlier assessment years, the wealth returned by him has been accepted by the wealth-tax officer, which clearly shows that the assessee possessed substantial wealth from year to year, and which also shows that the investments made were not our of any ..... are stated for our opinion by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961. ..... the tribunal was right, on the facts and in the circumstances of the case, in holding that the wealth-tax assessments for the earlier assessment years did not constitute independent evidence which would help in deciding the tenability or otherwise of the assessee's plea that the assessee was possessed of large funds in earlier years (3) whether, on the facts and in the circumstances of the case, the tribunal was right in law in sustaining the addition to the extent of rs. .....
Tag this Judgment!Court : Kerala
Reported in : [1988]169ITR84(Ker)
..... section 3 of the act, the charging section reads thus :'subject to the other provisions contained in this act, there shall be charged for every assessment year commencing on and from the first day of april, 1957, a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the rate or rates specified in the schedule.'93. ..... person or persons on whose behalf or for whose benefit such assets are held falls 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 ..... now, wherever there is a trust, it is obvious that there must be beneficiaries under the trust, because the very concept of a trust connotes that though the legal title vests in the trustee, he does not own or hold the trust properties for his personal benefit but he holds the same for the benefit of others, whether individuals or purposes. ..... that is clear from the title given to the trust as well as from the various provisions to which we have made reference earlier. .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)
..... , the definition of 'capital assets' under section 2(14) of the income-tax act, 1961, and 'assets under section 2(e) of the wealth-tax act, 1957. ..... the income-tax tribunal at the instance of assessee has referred following question of law for opinion under section 27 of the wealth tax act, 1957 (hereinafter referred to as `the act'). ..... 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act') : 'whether, on the facts and in the circumstances of the case, the assessee was entitled to the exemption u/s 5(1)(xvia) in respect of the national defence gold bonds, 1980?'2. ..... on the day on which gold is returned to the assessee in exchange of gold bond.5.4 the learned counsel has invited my attention to the communication dated 22nd september, 1980, issued by ministry of finance, department of economic affairs, new delhi title press communique, national defence gold bonds, 1980, particularly para 9 of the said communication which reads as under:'no capital gains will arise when the bonds are exchanged for gold on redemption. ..... still in the eye of law it remains a fixed deposit receipt though the bank or other institution may not give interest on the said amount and therefore to that extent the bombay bench view is not correct in that behalf, therefore, to that extent i agree with the views expressed by the nagpur bench. ..... looking to the said need of the country, in 1965, the union of india had issued the national defence gold bonds, 1980 (for short 'gold bond'). .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)122CTR(Cal)21,[1994]209ITR343(Cal)
..... it may also be noted that when an appeal is heard by the commissioner of income-tax (appeals) under section 23 of the wealth-tax act, 1957, and one of the questions involved in the appeal relates to the valuation of any asset, the commissioner of income-tax (appeals) is required to give a notice of hearing to the departmental valuation officer under sub-section (3a) of section 23 of the wealth-tax act, 1957. ..... in the absence of any provision in the income-tax law corresponding to section 23(3a) of the wealth-tax act, 1957, the first question raised by the revenue in this reference is answered in the affirmative and in favour of the assessee.13. ..... (j) the report of the district valuation officer obtained under section 16a(5) of the wealth-tax act, 1957, is wholly irrelevant as this was not a case of assessment under the wealth-tax act. ..... the income-tax officer referred the question of valuation of the cost of construction of the main building to the district valuation officer (dvo) under section 16a(5) of the wealth-tax act, 1957. ..... the facts as appear from the record with regard to the sale of the flats, inter alia, are that as soon as work on the foundations of the main building commenced, the appellant advertised the fact that flats were available for sale. ..... the assesses made it clear therein that, from the date possession was given, the assessee had no right, title and interest whatsoever in the property specified.22. .....
Tag this Judgment!Court : Karnataka
Reported in : (2009)227CTR(Kar)480; [2009]184TAXMAN88(Kar)
..... whether the interest held by the assessee in a body of individuals can be brought to wealth tax in accordance with rules 15 and 16 to 20 of iii schedule to the wealth-tax act read with section 4(1)(a) of the wealth-tax act especially when the hon'ble supreme court in meera and company v. ..... whether the appellate authorities were correct in reopening assessment under section 17 of the wealth-tax act and bringing to tax the respective share held by the assessee in each of the 'body of individuals' based on the share each individual received at the time of its disruption as on 12-9-1993?2. ..... by us, virtually both the questions of law are to be treated as one question and if we are of the opinion that the assessee herein had a definite share which can be ascertained and can be brought into provisions of the wealth tax, findings of the tribunal and the commissioner of wealth tax are to be set aside and if the share of the assessee cannot be determined in terms of the trust deed, then assessee cannot be directed to declare the undetermined share in the return filed under the provisions of the wealth-tax act.7. ..... the same was processed under section 16(3) of the wealth-tax act. .....
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