Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 20 assessment after partition of a hindu undivided family Court: karnataka Page 1 of about 101 results (0.242 seconds)

Commissioner of Wealth-tax, Karnataka-i Vs. M.L. Ramachandra Setty and ...

Court : Karnataka

Reported in : [1979]116ITR545(KAR); [1979]116ITR545(Karn)

..... (1) assessment after partition of a hindu undivided family. ..... -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 office, 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 ..... act, 1957 (hereinafter referred to as the act), stating that in respect of the estates in question they should be assessed as tenants-in-common having one-seventh share each and not as members of huf. ..... 25a did not prohibit members of a huf from entering into a partnership in respect of a portion of the joint property if they had partitioned amongst themselves and that that section had no reference at all to a case of huf which had parted with an item of property to its individual member taking proper steps and continued in existence at the time of assessment, never having been disrupted. ..... section 20 of the act reads as follows : '20. .....

Commissioner of Wealth-tax, Mysore Vs. N.G. Reddy

Court : Karnataka

Reported in : ILR1965KAR537; [1965]58ITR232(KAR); [1965]58ITR232(Karn); (1965)2MysLJ505

..... wealth-tax officer rejected the assessee's contention that section 4 of the wealth-tax act of 1957 was attracted only to cases of transfer after april 1, 1956, by an individual and not by a hindu undivided family ..... facts, the commissioner of income-tax/wealth-tax has required the following questions to be referred : '(1) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the gifts made to (a) santhosh reddy, (b) saraswathi reddy and (c) leenatha devi were reasonable and vali (2) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that in computing the net wealth of the assesses-family 'the inclusion of rs. ..... any subtraction in the totality of the assets belonging to the hindu undivided family can be by way of gifts by the father or by partial partition and so far as gifts are concerned they should be within the reasonable ..... in the assessment to wealth-tax of the family for the assessment year 1957-58, the wealth-tax officer included a sum ..... justified and the balance is not (3) on the facts and in the circumstances of the case, should not the tribunal have held that all the gifts were unreasonable and were includible in the net wealth of the assesse-family ?' 9. ..... question for consideration is whether these investments should be excluded in computing the net wealth of the assessee for the assessment year 1957-58. 12. ..... 69,261 in the net wealth of the assesse-familyy was justified (iii) if the answer .....

Esthuri Aswathaiah Vs. Income-tax Officer, Kolar Circle and anr. [No. ...

Court : Karnataka

Reported in : [1963]49ITR977(KAR); [1963]49ITR977(Karn)

..... srinivasan's argument was that although the income-tax act directs that the assessee in the case of a hindu undivided family is the family itself and it is that family which should be assessed and becomes liable for payment of the tax determined to be payable and although the act makes elaborate provisions as to by whom and in what proportion the tax so determined to be payable should be paid if an order is made under section 25a(1) that the entire joint family property has been partitioned in definite portions, the act contains no provision for the recovery ..... srinivasan leading as it does to the result that if the members of a hindu undivided family make a partition, complete or incomplete, after the assessment year but before the order of assessment, neither the members of that family who have become partitioned nor the properties which have become the subject of partition could be proceeded against for the recovery of the tax charged by the income-tax act, is not one which can merit acceptance. 32. ..... after the assessment was made in that way, on march 29, 1957, according to the petitioners, there was a further partition of the immovable properties belonging to the family by a registered instrument. .....

Commissioner of Income-tax Vs. D. Meenakshi

Court : Karnataka

Reported in : (2009)227CTR(Kar)480; [2009]184TAXMAN88(Kar)

..... 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 ..... 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. ..... processed under section 16(3) of the wealth-tax act. ..... 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 ..... nizam's family (remainder wealth trust) : [1977] 108 itr 555 contends that the assessee has to be assessed under the wealth tax in respect of the share held by him ..... commissioner of appeals after hearing the parties held that in terms of the trust dead wherein the assessee is a member of several body of individuals, share of the assessee was undeterminable and cannot be assessed to wealth tax in respect of the assessee's interest in the .....

The Commissioner of Income Tax Vs. Smt Meenakshi Devi Avaru

Court : Karnataka

..... provisions contained in this act, there shall be charged for every assessment year commencing on and from the 1st day of april, 1993, wealth- tax in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company, at the ..... words belonging to as employed in the definition of net wealth defined in section 2(m) of the wealth tax act, 1957 read with the charging provisions of section 3 of the act; (b) the scope of taxability of urban land as defined in section 2(ea)(v) with its explanation and exclusion clause in the said explanation; and (c) what is the scope and purport of protective assessments made in the hands of the respondent assessees and whether the character of such protective assessments changes by determination of non- date of judgment 30-08- ..... . the facts of the aforesaid case are clearly distinguishable from the facts of the present case because in the facts before us, the family property in question stood partitioned in the year 1984 and there is no dispute that we are dealing with the defined share acquired on partition by the respondent assessee sisters in their individual hands and therefore by necessary implication, these assets should be deemed to be belonging to ..... tax act, 1961, the hon ble supreme court held that, though under the common law, a owner means a person who has got valid title legally conveyed to him after complying with the requirements of law such as the transfer of property act, the registration .....

Paramanand L. Bajaj Vs. Commr. of Wealth Tax

Court : Karnataka

Reported in : ILR1985KAR1532

..... the question that has been referred for the opinion of this court is :"whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the wealth-tax officer had jurisdiction to invoke section 35 of the wealth-tax act, 1957 ?"2. ..... under section 4(1)(b) of the wealth-tax act, where the assesses is a partner in a firm, the value of his interest in the firm shall be included in his net wealth. ..... not including the proportionate share of the assessee in computing the net wealth was a patent error which could certainly be rectified under section 35 of the wealth-tax act.in the result, we answer the question in the affirmative and against the assessee. ..... the wealth-tax officer invoked section 35 of the wealth-tax act and rectified that mistake.the appeal preferred against the said order was dismissed by the appellate assistant commissioner and so too the further appeal preferred to the appellate tribunal.3. ..... 34 of 1978 dated 16th july 1984 in the assessment under the wealth tax act pertaining to the assessee, that 1/3rd share of the bad debt was not included. ..... the individual assessment of the assessee who is a partner of such firm shall fall in line with the assessment of the firm. ..... in the assessment of that firm for the year 1972-73, the bad debt of rs. ..... 37,674/- was disallowed in the firm's assessment. .....

C.R. Venkatesha Rao Vs. Central Board of Direct Taxes

Court : Karnataka

Reported in : [1975]99ITR94(KAR); [1975]99ITR94(Karn); 1975(1)KarLJ120

..... section 34ab of the wealth-tax act ..... for registration as a registered valuer under the wealth-tax act was rejected by the central board of direct taxes on the ground that he did not possess ..... taxes was, therefore, in error in holding that the petitioner did not possess the required qualification for being registered as a valuer under the wealth-tax act ..... the case of the petitioner for registration as a registered valuer for the purpose of the wealth-tax act. 6. ..... as can be seen from the qualifications which are treated as equivalent to the degree in civil engineering by the union public service commission, a person who has either passed sections a and b of the associate membership examination of the institution of engineers or possesses a qualification exempting a person from passing a and b of the associate membership of the institution of engineers has to be treated as a person possessing a ..... 36 confers powers on the council of the institution of engineers (india) to recognise such university degrees and collegiate or other diplomas or certificates as after scrutiny they may deem to prove a sufficient standard of attainment in the subjects referred to and may exempt such graduates or holders of such diplomas or certificates from passing in whole or in part ..... that the petitioner has been elected as an associate member of the institute of engineers in the civil engineers division after he was exempted from passing sections a and b prescribed by the institution of engineers (india). .....

C.N. Nagakumar Vs. Commissioner of Wealth-tax

Court : Karnataka

Reported in : [1992]195ITR844(KAR); [1992]195ITR844(Karn)

..... the question referred under the provisions of the wealth-tax act, 1957, reads thus : 'whether, on the facts and in the circumstances of the case, the tribunal is justified in upholding the assessment made by the wealth-tax officer on account of compensation receivable under the provisions of the karnataka land reforms act, treating the same as an asset within the meaning of section 2(e) of the wealth-tax act, 1957 ?' 2. ..... section 2(e) referred to herein is the provision in the wealth-tax act. ..... cwt : [1973]90itr97(sc) , the supreme court had already held that the right to receive compensation under the bihar land reforms act was an asset to be valued for purpose of the wealth-tax act. ..... it would not detract from the proposition that the right to receive compensation, even though the date of payment is deferred, is property and constitutes asset for the purpose of the wealth-tax act.' 8. ..... 1,19,000 and, after giving the deduction, its value was determined for the purpose of the wealth-tax act (for the assessment years 1976-77 to 1978-79), in the light of a circular issued by the central board of direct taxes dated may 15, 1964. ..... the amount payable is determined after the tribunal determines whether a land is tenanted under section 48a (because such a finding is necessary for the vesting of the land, which relates back to march 1, 1974). ..... , are also to be determined under section 50 and the amount payable to the owner is arrived at after deducting the value of encumbrances under section 50. .....

Hajee Abdul Sattar Sait Vs. Commissioner of Wealth-tax

Court : Karnataka

Reported in : [1990]186ITR134(KAR); [1990]186ITR134(Karn); 1990(2)KarLJ113

..... our opinion reads : 'whether, on the facts and in the circumstances of the case and on a true construction of sections 7(1) and 2(m) of the wealth-tax act, 1957, the tribunal was right in holding that, in valuing the assessee's properties under section 7(1) and computing his net wealth under section 2(m) for the assessment year 1963-64, the assessee was not entitled to deduction of liability for capital gains tax which was a statutory liability of the assessee if the assessee's properties were sold or deemed to have been ..... it is not, however, the amount which the vendor would receive after deduction of those expenses but the price which the asset would fetch when sold in the opened market as would constitute the value of the asset for the purpose of section 7(1) of the act. ..... to accede to the contention advanced on behalf of the appellant would be reading in section 7(1) the words 'to the assessee' after the words 'it would fetch', although the legislature has not inserted those words in the statute. ..... such a course would not be permissible unless there is anything in the relevant provisions which may show that the intention of the legislature was that the value of an asset would be the price fetched after deducting the sale expenses.' 7. .....

Commissioner of Wealth-tax Vs. G.E. Narayana and Others

Court : Karnataka

Reported in : [1992]193ITR41(KAR); [1992]193ITR41(Karn)

..... learned counsel further pointed out that sections 20 and 20a provided for the assessment of a hindu undivided family its partition or after a partial partition which again indicate the scheme of the act to tax a hindu undivided family and collect the tax payable by it under all circumstances. 6. ..... but, nowhere is a provision found in the act, enabling the assessing officer to make an order of assessment against the person who succeeded to the wealth of an erstwhile hindu undivided family which was in existence on the date of the valuation date, but ceased to exist by the time the order of assessment is made, the said cessation being due to natural causes as happened in the instant case section 20 covers an entirely different field wherein the hindu undivided family ceases to exist by act of parties. 18. ..... to be answered under the provision of the wealth-tax act, 1957 ('the act' for short) : 'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in coming to the conclusion that there is no provision in the wealth-tax act to make an assessment on the erstwhile hindu undivided family in case where the karta of the said erstwhile hindu undivided family has filed the return of wealth of the hindu undivided family and thereafter died before completion of the assessment and ignoring the fact that the hindu undivided family was not in existence as on the date .....