Court : Kerala
Reported in : [1989]180ITR598(Ker)
..... the wealth-tax officer assessed the respondent as an individual he rejected the plea of the assessee that the hindu undivided family in which status the assessee was assessed till then had become statutorily extinct with effect from december 1, 1976, by the operation of the kerala joint hindu family system (abolition) act, 1975. ..... section 4 of the act says that all members of a hindu undivided family governed by the mitakshara law holding any coparcenary property shall be deemed to hold it as tenants-in-common as if a partition had taken place among all the members of that hindu undivided family. ..... section 4 of the act30 of 1976 predicates that the members of the hindu undivided family governed by the mitakshara law holding any coparcenary property shall hold it as tenants-in-common on extinction of the family as if a partition among all the members of the hindu undivided family regarding the joint family properties had taken place. ..... (2) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that in view of the kerala joint hindu family system (abolition) act, 1975, only the presumptive share of the assessee can be included in computing his net wealth under the wealth-tax act, 1957 ?' 2. ..... lakshmikutty amma : [1989]180itr603(ker) (appendix) (infra), there can be no assessment in the status of a hindu undivided family in kerala state after december 1, 1976. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1966Ker77; [1966]60ITR737(Ker)
..... /2%(b) in the case of every hindu undivided family:(i) on the first rupees four lakhs of net wealthnil(ii)on the next rupees nine lakhs of net wealth1/2%(iii)on the next rupees ten lakhs of net wealth1%(iv)on the balance of net wealth11/2%xxxx xxxx'20.bv section 13 of the finance act of 1960 (act xii of i960) it was provided:'notwithstanding anything contained in the wealth tax act 1957 (hereinafter referred to as the wealth tax act) no tax shall be charged in respect of the net wealth of a company for any financial year commencing on or after the 1st day of april ..... once a 'hindu undivided family' is assessed as a unit of assessment, it must continue to be assessed even after disruption until an order is passed by the wealth tax officer under sub-section 1 of section 20 of the act recognising the partition. ..... 674 of 1958the two questions raised in the above original petition are:-- (l) whether the net wealth of the mappila marumakkathayam tharwad registered as impartible within the meaning of section 20(1) of the madras act xvii of 1939 ia assessable to tax under section 3 of the wealth tax act, 1957 (hereinafter referred to as the 'act') and (2) if such wealth is not assessable under section 3, whether it is violative of article 14 of the constitution.66. .....
Tag this Judgment!Court : Kerala
Reported in : [1982]134ITR695(Ker)
..... -(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 protions, 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 ..... i:'where a family was disrupted and was not previously assessed to wealth-tax and no return had been filed in respect of the net wealth supposed to be its, under section 14 , the question can arise: whether the wealth-tax officer can assume jurisdiction to act under section 17(1)(a) for the allegedly escaped net wealth of the huf ?this question arose for the assessment year 1957-58 (the very first year under the act) in goswami brijratanlalji v. .....
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 ..... assistant commissioner of wealth-tax, by order dated october 12, 1972, set aside the orders of assessment with a direction to the assessing authority 'for fresh disposal after deciding this ..... , without expressing any view on the merits of the contentions of the assessee, set aside the assessment with a direction to the wealth-tax officer to redo the assessment according to law and after stating the reasons. ..... whether it is the market value of the assets that is assessed in the hands of the trustee after the amendment of 1980 or only the actuarial value of the beneficial interests as was the position prior to 1980, the levy in either case is always upon the net wealth, the value of which is computed in accordance with the relevant ..... the decision in respect of such matters, in the absence of specific attack against them before the appellate authority, could not be raked up after the remand unless it be that the order of remand disclosed that those matters were also considered and disposed of by the appellate authority, on the same being specifically raised by the assessee, .....
Tag this Judgment!Court : Kerala
Reported in : [1990]183ITR22(Ker)
..... in the return 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 interest in the firm, messrs. ..... to adjudicate the controversy, it is useful 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 follows :'5. ..... : [1980]126itr66(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 ..... the finding of fact on that question should 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. ..... however, the commissioner of wealth-tax, by order dated march 18, 1983, directed revision of the assessment by withdrawing the exemption granted by the wealth-tax officer. ..... originally, the said amount was not included as assets in the wealth-tax assessment. ..... after referring to the dictionary meaning and certain decisions, the court held that the appellate tribunal had pointed out in that case that, for all practical purposes and in the commercial sense of the term, .....
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 held'. ..... 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 assessee. ..... the only 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. ..... the department does nol contend that the almighty is a hindu undivided family or a company. ..... after a detailed discussion of all the points involved, came to the conclusion that the words 'on behalf of' used in the sub-section were synonymous with the expression 'for the benefit of', and that notwithstanding that trustees hold property for the benefit of beneficiaries and not on their in-half, section 21(1) applied to them and that they were liable to pay wealth-tax in the like manner and to the same extent as it would be leviable upon and recoverable from the .....
Tag this Judgment!Court : Kerala
Reported in : [1997]226ITR898(Ker)
..... ' 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. ..... if that be so, the assessee-club would not come within the net of section 21aa(1) so as to be assessed under the wealth-tax act, 1957. ..... then, the only question to be considered in these references is whether introduction of section 21aa has made any change in the legal position, thereby making the assessee-club liable for being assessed under the wealth-tax act, 1957. ..... if upon winding up or dissolution of the club there shall remain, after satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the club, but shall be given or transferred to some other institution having objects similar to ..... even after the dissolution or winding up of the club, no amount or property shall be paid or distributee among the members of the club.any amount or property remaining after satisfaction of debts and liabilities of the club shall be transferred to some other institution having similar objects. ..... after perusing the rules and bye-laws of the assessee-club as amended up to june 14, 1986, the tribunal has found that it is a social club open to the public by membership. .....
Tag this Judgment!Court : Kerala
Reported in : (1991)99CTR(Ker)124; [1991]191ITR370(Ker)
..... 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. ..... the section imposes a charge for every year commencing on and after 1st day of april, 1957, of tax in respect of net wealth on the corresponding valuation date of every individual, hindu undivided family and company. ..... after referring to the two decisions of the supreme court which have given a wider meaning to the word 'individual', the bombay high court observed that the width of the interpretation was limited by a consideration of the meaning with reference to a hindu or non-hindu undivided family. ..... after noticing that some taxpayers are increasingly resorting to the creation of associations of persons without defining the shares of the members 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 .....
Tag this Judgment!Court : Kerala
Reported in : (2006)200CTR(Ker)287; [2006]280ITR260(Ker)
..... later on, the commissioner of wealth-tax revised the assessments under section 25(2) of the act. ..... 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. ..... the income-tax tribunal set aside the order of the commissioner of wealth-tax and restored the original assessment. ..... but what we have to find out is whether under the relevant provisions of the wealth-tax act, this can be applied. ..... (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 assessments for these years were completed under section 16(1) of the act. ..... these cases arise under the wealth-tax act, 1957 (hereinafter referred to as 'the act'). ..... according to counsel, under section 35(7) of the act, no amendment under this section shall be made after the expiry of four years. .....
Tag this Judgment!Court : Kerala
Reported in : [1991]192ITR199(Ker)
..... 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 officer together with 50% of the ..... from the 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 commission. ..... 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. ..... after the remit, the wealth-tax officer again made the assessments on march 21, 1981, and took into consideration the additional compensation awarded by the sub-judge and also the claim made by the assessee in the cross-object! ..... judgment in the above case was rendered by a bench of this court on january 28, 1987, long after the appellate tribunal rendered the common order dated october 31, 1985. ..... notifications under section 3(1) of the land acquisition act--1-9-1970, 8-9-1970 and 10-11-1970. .....
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