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 : Kerala
Reported in : [1990]183ITR22(Ker)
..... to quote section 5(1)(xxxii) of the wealth-tax act as also the explanation to section 5(1)(xxxii) of the act, sections 5(1), 5(1)(xxxii) and the explanation to section 5(1)(xxxii) of the wealth-tax act read as ..... cal) , to contend that the word 'processing' occurring in section 5(1)(xxxii) of the wealth-tax act should be looked into from a broad point of view, that in the context it is used in contradistinction or differently from the expression 'manufacture' and this is a case where something is done to the goods or materials, some treatment has been effected and in the result, it enables a worn out engine to be ..... arrived at by bearing in mind the connotation of the word 'processing' that occurs in section 5(1)(xxxii) of the wealth-tax act and the context in which it occurs. ..... of net wealth for the assessment year 1976-77, the assessee claimed deduction under section 5(1)(xxxii) of the wealth-tax act of her ..... sub-section (1a), wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth ..... wealth-tax act ..... the interest of the assessee in the assets (not being any land or building or any rights in any land or building or any asset referred to in any other clause of this sub-section) forming part of an industrial undertaking belonging to a firm or an association of persons of which the assessee is a partner, or, as the case may be, a member ;' '(xxxi) explanation. ..... the short question that arises for consideration is .....
Tag this Judgment!Court : Kerala
Reported in : AIR1966Ker108; [1967]63ITR787(Ker)
..... section 21(1) of the wealth tax act, 1957 however, creates a legal fiction by which a mutawalli though not a trustee in the technical sense of the term has to be treated as one and assessed to wealth-tax 'in the like manner and to the same extent as it would be leviable upon and recoverable from the person on whose behalf the assels are ..... section 5(1)(i) of the wealth tax act, 1957, provides that wealth tax shall not be payable bv an assessee in respect of any property held under trust or other legal obligation for any public purpose of a charitable or religious nature in india; and that such assets shall not be included in the net wealth of the ..... of this judgment under seal of the high court and the signature of the registrar will be sent to life appellate tribunal as required by sub section (6) of section 27 of the wealth tax act, 1957 ..... contention urged on behalf of the assessee is that the owner of the assets in the case of wakf is the almighty and that the almighty does not come within the purview of section 3, the charging section of the wealth tax act, 1957. ..... a reference by the income lax appellate tobunal, madras bench, under section 27(1) of the wealth tax act, 1957. ..... that section reads as follows:'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 not wealth on the corresponding valuation date of every .....
Tag this Judgment!Court : Kerala
Reported in : [1997]226ITR898(Ker)
..... a members' club which is a voluntary association of persons joining together in accordance with the rules and bye-laws of the club for enjoyment of one another's company and other facilities or for some other purposes, is not liable to be assessed as an 'individual' under section 3 of the wealth-tax act, 1957. ..... members' club like the assessee is liable to be taxed under the wealth-tax act, 1957, treating it as an 'individual' under section 3 before the introduction of section 21aa has been finally answered by this court in cwt ..... societies registration act, 1860, or under any law corresponding to that act in force in any part of india, and the individual shares of the members of the said association in the income or assets or both of the said association on the date of its formation or at any time thereafter are indeterminate or unknown, the wealth-tax shall be levied upon and recovered from such association in the like manner and to the same extent as it would be leviable upon and recoverable from ..... an individual who is a citizen of india and resident in india for the purposes of this act and at the maximum .....
Tag this Judgment!Court : Kerala
Reported in : (1991)99CTR(Ker)124; [1991]191ITR370(Ker)
..... in that case, a question arose whether mappilla marumakkathayam tarwads of north malabar -- muslim undivided families governed by the mappilla marumakkathayam act (madras act 17 of 1939)--fall within the expression 'individual' and are assessable to tax under section 3 of the wealth-tax act, 1957. ..... the section reads :'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 schedule i.'4. ..... with a view to avoiding proper tax liability, the measures to counter tax avoidance are mentioned in paragraph 86 which reads thus (see [1981] 128 itr 107:'in order to counter such attempts at tax avoidance through the creation of multiple associations of persons without defining the shares of members, the bill proposes to make provision in the wealth-tax act in order to provide that such associations will be liable to tax in the like manner and to the same extent as an individual citizen of india and resident in india at the ..... in order to appreciate the rival contentions, it is appropriate to refer to section 3 of the wealth-tax act (for short 'the act'). ..... rashtriya swayam sewak sangh [1988] 171 itr (short notes of cases) p. .....
Tag this Judgment!Court : Kerala
Reported in : (2006)200CTR(Ker)287; [2006]280ITR260(Ker)
..... the tribunal now takes the view that in the income-tax proceedings the rent from the civil supplies corporation and kalyana mandapam was treated as business income and, hence, for the purpose of wealth-tax also, it can be termed as business premises coming under section 40(3)(vi) of the finance act.3. ..... but what we have to find out is whether under the relevant provisions of the wealth-tax act, this can be applied. ..... later on, the commissioner of wealth-tax revised the assessments under section 25(2) of the act. ..... (2) whether, on the facts and in the circumstances of the case, the tribunal is right in law and fact in relying on the finding of the high court in the income-tax case of the assessee that this is the business income and is not the approach and reliance on the finding in the wealth-tax case wrong, unwarranted and vitiated ?4. ..... hence, according to us, the commissioner of wealth-tax was correct in directing the market value of the warehouse and the building where the kalyana mandapam is functioning should be included in the taxable wealth of the assessee. ..... the income-tax tribunal set aside the order of the commissioner of wealth-tax and restored the original assessment. ..... these cases arise under the wealth-tax act, 1957 (hereinafter referred to as 'the act'). ..... the commissioner took the view that the exemption under section 40(3)(vi) of the finance act, 1983, will be available if the assessee uses the building as a factory, godown, warehouse, hotel for the purpose of business. .....
Tag this Judgment!Court : Kerala
Reported in : [1991]192ITR199(Ker)
..... in this batch of 18 referred cases--9 at the instance of the revenue and 9 at the instance of an assessee under the wealth-tax act--the income-tax appellate tribunal has referred the following two common questions of law for the decision of this court: '(1) whether, on the facts and in the circumstances of the case, the tribunal is right in law in determining the assessee's interest in the estate for the assessment year 1970-71 at the value fixed by the land acquisition ..... the said right is an 'asset' for the purpose of the wealth-tax act and that should be valued, in the light of the decisions of the supreme court in khorshed ..... judgment dated june 26, 1990 (see : [1991]192itr196(ker) ) and submitted that the view expressed by this court regarding the accrual of the right to receive enhanced compensation vis-a-vis the value to be adopted for purposes of the wealth-tax act on the respective valuation dates has been very widely stated and the matter requires clarification. ..... assessment year 1970-71 onwards, the assessee filed returns under the wealth-tax act adopting the value of the property as determined by the justice issac ..... under section 3(1) of the land acquisition act--1-9-1970, 8-9-1970 and ..... to the extent the view expressed in paragraph ..... on this short ground, we decline to answer the questions referred to ..... the short question that arises for consideration in these cases is the valuation of the property covered by the estate on the respective valuation dates from march 31, 1970, to .....
Tag this Judgment!Court : Kerala
Reported in : (1991)99CTR(Ker)266; [1991]191ITR169(Ker)
..... cit : [1980]123itr457(sc) , the intangible addition should be construed to be part of the real income and should be held to have the same concrete existence and, on that basis, it should have been held by the appellate tribunal that they are 'assets' on the valuation date assessable as wealth under the wealth-tax act as well. ..... counsel for the revenue further stressed that the intangible additions made in the income-tax assessment are for the same year 1974-75 and once such additions are considered to be part of the real income of the assessee, it cannot admit of any doubt that they will form part of the 'assets' on the relevant valuation date under the wealth-tax act. ..... if the said intangible assets should be available to the assessee, like other book profits, we have no doubt in our mind that it will constitute an asset of the assessee on the relevant valuation date, under the wealth-tax act also.7. ..... this court held that the assessee did not admit that the additions to the income made for the assessment years 1957-58, 1958-59 and 1959-60 were available with him on any later date, in part or whole, as' his asset, and there was no presumption that the 'whole income' or any part of it continued as an asset of the assessee. ..... in that case, there were large additions to the income of the assessee for the assessment years 1957-58, 1958-59 and 1959-60. .....
Tag this Judgment!Court : Kerala
Reported in : (2006)199CTR(Ker)279
..... as temporarily concluded for the day to be commenced subsequently for which purpose seals were placed on the entire place/on almirah in the bedroom in our presence.an order under section 132(3) of the income tax act, 1961 in respect of the sealed premises almirah in the bedroom was served on sri c. ..... p6(a) and p6(b) issued under section 158bc of the income tax act, 1961 and also for a writ of mandamus to the first respondent not to allow the second respondent to deal with the assessees and for a direction to the income tax department not to invoke the provisions of the act under chapter xiv-b of the act and also for other consequential reliefs. ..... vijayan nair, counsel appearing for the respondents supported the judgment of the learned single judge and submitted that the department had failed to follow the provisions of section 132 of the income tax act and the entire search and seizure operation have to be rendered invalid. ..... the apex court in pooran mal's case (supra) had elaborately considered the scope of section 132 of the income tax act and rules 112 and i i 2a of the income tax rules, 1962 as well as articles 14 and 19(1) (f) and (g) of the constitution of india and held as follows :'.........it is a well-known fact of our economic life that huge sums of unaccounted money are in circulation endangering its very fabric. .....
Tag this Judgment!Court : Kerala
Reported in : [1995]214ITR60(Ker)
..... claimed that in computing its net wealth, for purposes of assessment to wealth-tax, the amount covered by the order ought to be deducted as a 'debt owed' by it, within the meaning of section 2(m) of the wealth-tax act, 1957. ..... [1969]72itr107(mad) , the court said that the structure of section 23a of the indian income-tax act, 1922, and the manner in which the liability to additional super tax arises thereunder leave no room for doubt that the liability is not charged automatically by statutory force, but arises only from an order of the income-tax officer which he will make only after consideration of, and decision on, various factual factors. ..... [1995]213itr694(ker) ) that the liability for payment of purchase tax accrues eo instanti the purchases are effected and, therefore, the provision for payment of such tax, if ultimately it became payable, is an accrued liability liable to be deducted in the computation of the profits and gains of business under section 37(1) of the income-tax act. ..... by the court at page 9 that it is settled law that an income-tax liability becomes crystallised on the last day of the previous year corresponding to the particular assessment year and a wealth-tax liability becomes crystallised on the valuation date corresponding to the particular assessment year. ..... the tribunal upheld this contention and came to the conclusionthat the provision for purchase tax liability was liable to be deducted in computing the net wealth to the extent of the shares of the .....
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