Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 20 assessment after partition of a hindu undivided family Court: income tax appellate tribunal itat madras Page 1 of about 17 results (0.076 seconds)

Shantha Balachander and S.B.S. Vs. First Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

..... section 4(1a) of the wealth-tax act, 1957, reads as follows : (1a) where, in the case of an individual being a member of a hindu undivided family, any property having been the separate property of the individual has, at any time after december 31, 1969, been converted by the individual into property belonging to the family through the act of impressing such separate property with the character of property belonging to the family or throwing it into the common stock of the family or been transferred by the individual, directly or indirectly to the family otherwise than for adequate consideration ..... i have, therefore, no doubt in holding the view that the value of such maintenance for life of his spouse by his son is nothing but a part of the converted property partitioned and, therefore, is a deemed asset includible in the wealth of the assessee and assessable in his hands within the meaning of the provisions of section 4(1a)(c) of the wealth-tax act, 1957. ..... while making the income tax assessment for the assessment year 1978-79, the income-tax officer came to the conclusion that the wife became entitled to the maintenance only as a result of the partition deed and, therefore, that income had to be added to the total income of the assessee under section 64(2)(b) of the income-tax act, 1961. .....

income-tax Officer/Wealth-tax Vs. R. Brahadeeswaran/N. Srinivasan

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)6ITD798(Mad.)

..... hindu undivided family, or the properties belonging to the hindu undivided family, or both.simultaneously, section 20a was introduced in the 1957 act in the following terms: where a partial partition has taken place after the 31st day of december, 1978, among the members of a hindu undivided family hitherto assessed as undivided,-- (a) such family shall continue to be liable to be assessed under this act as if no such partial partition had taken place, (b) each member or group of members of such family immediately before such partial partition and the family shall be jointly and severally liable for any tax ..... assessment, it is brought to the notice of the wealth-tax officer that a partition has taken place among the members of the hindu undivided family and the wealth-tax officer, after enquiry, is satisfied that the joint family property has been totally partitioned amongst the various members or groups of members in definite portions, he makes an order to that effect and makes assessment on the net wealth of the undivided family for the assessment year or years for which the family remained undivided ..... the circumstances of the case, the assets divided by a partial partition in a hindu undivided family and the income arising from those divided assets could be assessed as part of the net wealth/total income of the hindu undivided family the president having assigned the case to himself for disposal under section 255(4) of the act, the matter has come up before me for hearing as a .....

Gopal Srinivasan Trust Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)46ITD157(Mad.)

..... even so, relying on the provisions of section 21 (4) of the wealth- tax act, the tribunal held that wealth-tax was exigible.on reference to the high court, at the instance of the assessee, the high court held that section 21(4) of the wealth-tax act, 1957 cannot be construed as a charging provision as it deals with a liability to assessment in certain cases. ..... this was because, under the wealth-tax act, wealth-tax is chargeable only in respect of the net wealth of only three specified entities, namely, (i) individual, (ii) hindu undivided family and (iii) company. ..... income, but total income which can be arrived at only after applying the provisions of chapter viaof theact.itshould, therefore, follow that the assessees before us are entitled to the benefit of section 80l.in this regard, the learned counsel for the assessee highlighted the fact that section 164 does not preclude the grant of any deduction/allowance enumerated under chapter via of the act.thirdly, no doubt, section 2(31) contains an inclusive definition of the term "person". ..... as a general proposition, the above contention is valid.but the point to be noted here is that in the cases before us, we are concerned with the question whether after the gross total income as defined in section 80b(5) of the act is computed, the assessees are eligible for any deduction under chapter via. .....

M. Padmanabhan Vs. Fifth Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)54ITD701(Mad.)

..... broadly stated, under the scheme of the wealth-tax act, wealth-tax is exigible on the net wealth, inter alia, of a hindu undivided family.net wealth, by definition, is the excess of the aggregate value of the assets required to be included in the net wealth as on the valuation date over the aggregate value of all the debts owned by the assessee.according to section 2(e) of the act "assets" includes property of every description, movable or immovable, excepting those specifically excluded by that section.we then have section 7, which deals with the mode and mechanics of valuing ..... having thus arrived at the average annual income of the assessee, the assessing officer then applied the provisions of rule 1b of the wealth-tax rules, 1957, and arrived at the annual value of the right in question and brought it to tax.thus, in relation to the assessment year 1980-81 he adopted as the starting point the sum of rs. ..... . it is, therefore, that, with a view to avoiding confusion or scramble, the four branches of the larger huf agreed to act by turn without a partition of the right and the income arising therefrom ..... depending on the circumstances of each case, any one of the above standards or measures is taken as the basis after making appropriate corrections wherever necessary.48. .....

Dr. Rajah Sir M.A. Muthiah Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1987)22ITD62(Mad.)

..... of the authorities that the allowance of 2/3rd liability to estate duty in the hands of the hindu undivided family was a mistake apparent from the record which could be rectified under section 35 of the wealth-tax act, 19.57.according to the wealth-tax officer, as seen from the rectificatory orders it is as simple as excluding the estate duty liability in the same manner as 1/3rd of the property that was excluded from the hindu undivided family on account of property devolving on the legal heirs on the death of the deceased in terms of proviso ..... appeals filed by the assessee in all the assessment years under consideration are dismissed.reference under sub-section (11) of section 24 of the wealth-tax act, 1957 read with sub-section (4) of section 255 of the income-tax act, 1961 as there is a difference of opinion between the members we refer the following question to the president under sub-section (11) of section 24 of the wealth-tax act : whether, on the facts and in the circumstances of the case, the rectificatory orders passed by the wealth-tax officer under section 35 of the wealth-tax act, 1957 in the view that there was mistake apparent ..... the total value of all the properties must first be determined as if they belonged to the deceased and after allowing the exemption under section 33(1) the remaining must be divided as if there was partition at the time of death in order to determine the share due to the deceased. .....

Rajapalayam Mills Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1986)18ITD114(Mad.)

..... rule ibb was made under section 46(2)(a) of the wealth-tax act, 1957 (the 1957 act').this rule only perscribed the manner in which the market value of a particular property is to be computed. ..... it is pointed out that section 7 of the 1957 act lays down that the value of an asset for the purpose of assessment to wealth-tax is the price it would fetch if sold in the open market, i.e. ..... it is pointed out that section 295(2)(d) of the income-tax act leaves it to the government to prescribe the percentage of the written down value to be allowed as depreciation, in other words to quantify the depreciation in respect of the various assets in contradistinction to section 46(2)(a) of the wealth-tax act where the government can only prescribe the manner in which the market value may be determined.20. ..... it is submitted that only section s 3 and 4 of the indian income-tax act, 1922 and section s 4 and 5 of the income-tax act are the charging provisions, the rest of the enactments are merely machinery section s and they have to be applied whenever the assessments are made after they became effective. ..... sind hindu provident funds society [1940] 8 itr 467 has held that the income-tax rules framed under the act arc to be considered on par with the provisions of the act. .....

M.M. Marican Trust Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)37ITD174(Mad.)

..... in this connection we are of the opinion after having considered every material fact and after considering the legal position on this point that the assessee is correctly assessed under section 21(4) of the wealth-tax act. ..... created before the 1st day of march, 1970, by a non-testamentary instrument and the wealth-tax officer is satisfied, having regard to all the circumstances existing at the relevant time, that the trust was created bona fide exclusively for the benefit of the relatives of the settlor or where the settlor is a hindu undivided family, exclusively for the benefit of the members of such family, in circumstances where such relatives or members were mainly dependent on the settlor for their ..... created before the 1st day of march, 1970, by a non-testamentary instrument and the assessing officer is satisfied, having regard to to all the circumstances existing at the relevant time, that the trust was created bona fide exclusively for the benefit of the relatives of the settlor or where the settlor is a hindu undivided family, exclusively for the benefit of the members of such family, in circumstances where such relatives or members were mainly dependent on the settlor for their .....

Meenakshi Achi Trust Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)39ITD251(Mad.)

..... ,18-6-1985,6-5-1986 and 22-6-1987 the assessee trust filed its returns of wealth claiming full exemption under section 5(1)0) of the wealth-tax act and in the original assessments dated 11-8-1986 for the assessment years 1984-85 and 1985-86 and dated 3-2-1988 for the assessment year 1986-87 the claim of the assessee for exemption was granted by the wealth-tax officer while he framed the assessments against the assessee trust for those three assessment years. ..... since the assessee was holding these assets in contravention of section 13(1)(d) of the income-tax act, the learned commissioner held that grant of exemption under section 5(1)(i) of wt act, 1957 for the assessee is both erroneous and prejudicial to the revenue and therefore he sought to revise the original assessment orders and after giving notice to the assessee trust about his intention to revise and after hearing the assessee, he had passed his common order dated ..... the opinion that the withdrawal of exemption under sections 11 and 12 to the assessee trust on a supposed violation of section 13 (1)(d) as ordered by the learned commissioner by his revisionary order is quite unwarranted and in any event the grant of exemption under sections 11 and 12 of the income-tax act and under section 5(1)(i) of the wealth-tax act to the assessee trust, as was done under the original assessments passed by the wealth- tax officer, is quite justifiable, and it cannot be said that the assessments are vitiated by any error and therefore .....

Smt. S. Valliammai Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)39ITD5(Mad.)

..... the right of a person, who was paying the assessee for his residence in the house and as the house was being used by the assessee not only for the residence of herself and her family but also to earn in the nature of payment made by her husband to her, it could not be said that it was used by the assessee for residential purposes only and therefore the assessee was not entitled to exemption under section 5(1)(iv) of the wealth-tax act, 1957 ..... what i have in my mind in making this observation is that if an assessee is carrying on money lending business or deals in shares not needing a large show room or a large staff, except one person to look after the accounts and the entries and a strong room or an almirah to keep the share certificates, the money and the account books in safe custody, can it be said that the house was not exclusively used ..... before the wealth-tax officer the claim of the assessee was, however, that this was a residential premises and should be valued according to the procedure prescribed in section 7(4) of the wealth-lax act, 1957, by applying which the value of the property should be taken at the value as obtaining on the valuation date relevant for the assessment year 1971-72. .....

Cumi Employees' Welfare Trust Vs. Wealth-Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

..... amount which is the sum repayable to the donor with effect from april 1, 1980, becomes a liability or a "debt" due from the assessee trust to the donor company while computing the net wealth of the assessee trust under section 2(m) of the wealth-tax act, and the unutilised amount which is recoverable from the assessee trust from april 1, 1980, is deductible from the total value of the asset held by the assessee trust on the valuation dates subsequent ..... the benami transactions (prohibition) act came into the statute after section 40a(11) was introduced and it applies to pending proceedings.it is, however, not necessary to go by this law in order to sustain the wealth-tax assessment now in appeal.14. ..... the wealth-tax officer found that the amount was included in the capital fund of the trust in the statement filed along with the return of income for these assessment years and it was only after the passing of the finance act, 1984, that the assessee-trust revised the statement for the purpose of wealth-tax assessments only. ..... 324, 325 and 326/mds.of 1989, for the assessment years 1983-84, 1984-85 and 1985-86, a point of difference arose between the members of the tribunal constituting the bench which is identified and referred as follows : "whether, on the facts and in the circumstances of the case, the retrospective operation of section 40a(11) of the income-tax act, 1061 with effect from april 1, 1980, affects the liability of the assessee-trust to wealth-tax ?" 2. .....