Court : Gujarat
Reported in : (2004)188CTR(Guj)14; [2004]267ITR54(Guj)
..... the charging provision of section 3, in terms, refers to huf when it lays down that, subject to the other provisions contained in this act, there shall be charged for every assessment year commencing from 1st day of april, 1957, a tax (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 at the rates specified in schedule-i. ..... the income-tax appellate tribunal, ahmedabad bench 'c' has referred the following question of law for the opinion of this court under the provisions of section 27 of the wealth-tax act, 1957. ..... the assessee is a hindu undivided family and the relevant assessment years were 1979-80 and 1981-82. ..... it was further held that, the huf was not a natural person and, therefore, it was not entitled to claim the benefit of section 7(4) of the act.2.1 the commissioner of wealth-tax (appeals), in the appeal preferred by the assessee held that, the principle of estoppel was not applicable against the provisions of taxation laws and legal claim could be made at any stage even if it was not made ..... provisions are made for assessment in special cases in chapter v of the act, inter alia, as regards the assessment after partition of an huf in section 20 and 20a. .....
Tag this Judgment!Court : Gujarat
Reported in : [2004]135TAXMAN272(Guj)
..... the charging provision of section 3, in terms, refers to huf when it lays down that, subject to the other provisions contained in this act, there shall be charged for every assessment year commencing from 1-4-1957, a tax 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 at the dates specified in sebedulc-1 ..... abichandani, j.the income tax appellate tribunal, ahmedabad bench 'c' has referred the following question of law for the opinion of this court under the provisions of section 27 of the wealth tax act, 1957 :'whether, on the facts and in the circumstances of the case and in law, the tribunal is right in holding that the assessee (huf) despite its being an huf is entitled to benefit of section 7(4) of the act in respect of property known as dhairya prasad ..... the assessee is a hindu undivided family and the relevant assessment years were 1979-80 and 1981 ..... expression 'valuation date' is defined in section 2(q) in relation to any year for which an assessment is to be made under the act, so as to mean the last date of the previous year as defined in section 3 of the income tax act, if an assessment were to be made under that act for that year, subject to what has been mentioned in the proviso to clause (q) of section 2. ..... are made for assessment in special cases in chapter v of the act, inter alia, as regards the assessment after partition of an huf in sections 20 and 20-a. .....
Tag this Judgment!Court : Gujarat
Reported in : [1971]79ITR373(Guj)
..... for the assessment year 1957-58, the assessee had filed a return of income in the status of 'hindu undivided family' under section 3 of the wealth-tax act, 1957; the act was made applicable from assessment year 1957-58. ..... if after such inquiry, as is referred to in section 20(1), the wealth-tax officer is satisfied that the joint family property has been partitioned as a whole amongst the various members or groups of members in definite portions, he has to record an order to than effect and then he has to proceed to make assessment on the net wealth of the hindu undivided family as provided in that sub-section. ..... (1) where, at the time of making an assessment, it is brought to the notice of the wealth-tax officer that a partition has taken place among the members of a hindu undivided family, and the wealth-tax officer, after inquiry, is satisfied that the joint family property has been partitioned as a whole among the various members or groups of members in definite portions he shall record an order to that effect and shall make assessments on the net wealth of the undivided family as such for the assessment year or years, including the year relevant to the previous year in which the ..... assessment after partition of a hindu undivided family. .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)24CTR(Guj)216; [1981]132ITR35(Guj)
..... : 'the scheme of section 25a is therefore clear : a hindu undivided family hitherto assessed in respect of its income will continue to be assessed in that status notwithstanding partition of the property among its members if a claim is raised at the time of making an assessment that a partition has been effected, the income-tax officer must make an inquiry after notice to all the members of the family and make an order that the family property has been partitioned in define portions, if ..... for the assessee raised the following two contentions : (1) on a true construction and effect of the deed of portion effect between the assessee, saremal, and his two sons of july 25, 1957, the deceased and his wife took the remaining properties other than those allotted to the sons as tenants-in-common and, therefore, on the death of saremal the interest of his widow in the ..... : 'an application under sub-section (1) of section 25a of the indian income-tax act, 1922, by a hindu undivided family or any member there of that partition has taken place among the members of the family, invest the income-tax officer with authority to make an order recording that the joint family property has been partitioned, if he is satisfied on inquiry that the property of the family has been partitioned among the various members or ..... strengthened by the assessment order in the case of the deceased in the status of individual both for income-tax and wealth-tax, wherein the assets and income were all taxed to which the .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... in view of these provisions it would be extremely difficult to accept the argument advanced on behalf of revenue that the liability for payment of tax for the assessment year 1957-58 on the 31st december, 1956, was purely a contingent liability and that there could possibly be no debt in existence within the meaning of section 2(m) of the wealth-tax act, 1957. 58. ..... - subject to the other provisions contained in this act, there shall be charged for every financial 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.' 4. ..... 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. ..... the result of these provisions is that a tax becomes payable at the time provided in the notice issued under section 29 after the assessment takes place. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... in view of these provisions if would be extremely difficult to accept the argument advanced on behalf of revenue that the liability for payment of tax for the assessment year 1957-58 on the 3rst december 1956 was purely a contingent liability, and that there could possibly be no debt in existence within the meaning of section 2(m) of the wealth tax act, 1957. 30. ..... charge of wealth-tax:- subject to the other provisions contained in this act there shall be charged for every financial 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'. ..... 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 year. ..... 'the result of these provisions is that a tax becomes payable at the time provided in the notice issued under section 29 after the assessment takes place. .....
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. ..... by the wealth tax officer for three different assessment years.4.4 being aggrieved and dissatisfied with the said orders, the assessee filed three appeals namely for the years 1981-82, 1982-83 and 1983-84 before the appellate assistant commissioner of income tax at baroda.4.5 the appellate asstt.commissioner of wealth tax, baroda, by its order dated 30.7.87 pleased to dismiss the appeals of the assessee and confirmed the order of the wealth tax officer and held that the wealth tax officer was ..... in view of the same, i hold that the wealth tax officer, assessing officer and the tribunal were not right in this behalf and in my view the assessee in this case have by their mere act of not surrendering the gold bonds claimed the exemption. ..... thus, it cannot be disputed that national defence gold bonds, 1980 were exempted in respect of wealth tax for the assessment years 1981-82 to 1983-84.23. ..... the said assessment order was passed for the a.y.1981-82 and the order was passed on 2.3.85.4.3 it may be noted that identically for the a.y.1982-83 also the wealth tax officer passed the order and for the a.y.1983-84 also. ..... in our opinion, even after the date of maturity, for the assessment years under consideration, the assessee was entitled to the exemption and, therefore, we answer the question in the affirmative, i.e. .....
Tag this Judgment!Court : Gujarat
Reported in : [2001]251ITR514(Guj)
..... faced with this situation learned counsellor the assessee urged that the tax would still not be leviable because under the wealth-tax act, an association of persons is not an assessable entity but the assessable entities are only individual, hindu undivided family, or. ..... under the income-tax act relating to application of rate under section 164(1) to be applied to the income received by the trustees of the trust governed by section 164(1) was not applicable, without considering the fact that exclusion from the applicability of the rate provided under section 164(1), at which income-tax was to be calculated, was made because the case fell within clause (i) to the proviso of section 164(1) whereas no corresponding provision exist under the wealth-tax act during the assessment years in question ..... 85 to 87/ahd of 1983 for the assessment years 1977-78 to 1979-80 has been referred for the opinion of this court by the income-tax appellate tribunal : 'whether the provisions of section 21(4) of the wealth-tax act, 1957, cannot be applied in the case of the assessee-trust and whether its wealth has to be taxed at the appropriate rate and not at the rate it was charged by the wealth-tax officer ?' 2. .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]259ITR149(Guj)
..... appeals before the commissioner of income-tax (appeals) or before the income-tax appellate tribunal after september 1, 1998, in respect of the assessment years 1980-81, 1981-82 and 1988-89 to 1993-94 in respect of the assessments under the income-tax act as well as under the wealth-tax act. ..... the kvss in respect of appeals filed in january, 1999, for challenging the assessment orders dated march 29, 1996, made under the income-tax act for the assessment years 1992-93 and 1993-94 and similarly the appeals filed on january 13, 1999, for challenging the assessment orders dated march 31, 1992 under the wealth-tax act for the assessment years 1988-89, 1989-90 and 1991-92 (as individual) and also as executor ..... fact that the revenue had accepted the interpretation placed by the assessee on the provisions of section 95(i)(c) and the declarations of the assessee under this very kvss in belated appeals filed under the income-tax act as well as the wealth-tax act, wherein the amounts of tax, interest and penalty involved were much higher, also tilts the case in favour of ..... . 2) act, 1998, along with interest payable by the petitioner on the amounts as ascertained under the kvss at the rate/s applicable to the outstanding dues payable by the assessee under the provisions of the income-tax act, 1961/wealth-tax act, 1957, as the case may be, for the period from march 9, 1999, to september 9, 2002, and also requiringthe petitioner to pay interest at the same rate for the period from september .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)221CTR(Guj)423; [2009]313ITR192(Guj)
..... other legal representative shall be liable to pay out of the estate of the deceased person, to the extent to which the estate is capable of meeting the charge, the wealth-tax assessed as payable by such person, or any sum, which would have been payable by him under this act if he had not died.under this sub-section, the executor, administrator or other legal representative is liable to pay wealth-tax assessed as payable by the deceased, out of the estate of the deceased, after his death. ..... : [1997]228itr372(patna) , wherein it is held that a bare perusal of sub-section (1) of section 14 of the wt act, 1957, makes it clear that under the said sub-section, a person is assessable to payment of wealth-tax on his own net wealth. ..... ]124itr77(all) , wherein it is held that chapter v of the wt act, 1957, deals with liability to assessment in special cases and section 19 provides for situations where a legal representative is either liable to proceedings or is liable to pay the wealth-tax or any sum. ..... considered the relevant statutory provisions contained in the wt act, 1957 as well as legal authorities referred to and relied upon by the parties before the court, we are of the view that in absence of any contrary decision on the issue and that there is no scope for any other interpretation of sections 19(1) and 19(3) of the act under which the legal representative is made liable to penalty under sections 18(1)(a), 18(1)(c) and 15b of the act, no question of law, much less any substantial .....
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