Court : Delhi
Reported in : (2001)169CTR(Del)240; [2001]251ITR386(Delhi)
..... in order to attract the application of section 4(1a) of the wealth-tax act, the following are the requisite conditions :(a) the individual concerned must be a member of the hindu undivided family, (b) the individual must be possessing separate self-acquired property ; (c) such property is assessable in his hands ; (d) he converts at any time after december 31, 1969, such separate property into property belonging to the family either through the act of impressing the property with the character of the family property or throwing it into the common stock of the family or by transferring the same ..... according to it after the shares had become hindu undivided family property of the bigger-huf, there was a partition of the property in 1974, whereunder the assessed severed his joint connection and received ..... so far as the wealth-tax act is concerned the position is as follows : section 4 of the wealth-tax act, 1957, as introduced by the finance ..... the assessed's stand was that on partial partition the converted properties ceased to be ancestral and became part of the smaller-huf in view of clauses (a) and (b) of section 4(1a) of the wealth-tax act before amendment in 1976 of section 64(2)(a), (b), (c) of the act will have no ..... in the income of the individual concerned under section 64 of the income-tax act, 1961 (in short 'the act'), as well as the scope for inclusion of certain assets in the net wealth of an individual under section 4 of the wealth-tax act, 1957 (in short 'the wt act'). .....
Tag this Judgment!Court : Rajasthan
Reported in : (1985)44CTR(Raj)168; [1986]157ITR193(Raj)
..... 1,54,296 which was transferred by the assesse to his wife and two sons under section 4(6) of the wealth-tax act, 1957 (herein-after called 'the act'). ..... it was also held in the aforesaid case that the compensation awarded on the resumption of the jagir to the ex-jagirdar or the market price of the compensation on the date of valuation could be assessed for wealth-tax purposes only as that of a hindu undivided family because the character of the compensation received in lieu of jagir could not be different from that of the jagir itself. ..... on a further appeal preferred by the assessee before the income-tax appellate tribunal, jaipur bench, jaipur (hereinafter called 'the tribunal'), it was held by the accountant member that there was no material on the record to support the claim of the assessee that the impartible estate in respect of which the assessee was assessed as an individual, really belonged to a hindu undivided family, of which the assessee was the karta. ..... the character of impartibility was lost and the assets transferred to the wife and sons of the assessee as a result of the aforesaid partition, not only ceased to be part of the impartible estatebut they also ceased to be even part of the hindu undivided family property. .....
Tag this Judgment!Court : Allahabad
Reported in : (2004)191CTR(All)282; [2004]270ITR389(All)
..... assessed to tax could be treated as undivided and subjected to tax under the act in that status unless and until an order was made under section 25a(1); if in the course of the assessment proceedings, it is claimed by any of the members of the huf which had been assessed to tax under the act in that status unless and until an order was made under section 25a(1); if in the course of the assessment proceedings, it is claimed by any of the members of the huf that there has been total partition of the family ..... 1980, shall be null and void;(b) such family shall continue to be liable to be assessed under this act as if no such partial partition had taken place;(c) 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, penalty, interest, fine or other sum payable under this act by the family in respect of any period, whether before or after such partial partition;(d) the several liability of any member or ..... question of law under section 27(1) of the wt act, 1957, hereinafter referred to as the act, for opinion of this court :'whether, on the facts and in the circumstances of the case, the tribunal was legally correct in holding that the amended section 20a of the wt act inserted by the finance ..... meaning to the word 'partition' under the explanation which is different from the general principles of hindu law and it contains the deeming provision under which partition of the property of the .....
Tag this Judgment!Court : Mumbai
Reported in : (1981)22CTR(Bom)279
..... no son receives his share of joint family properties on partition, such property, in the hands of the co-parcener, belongs to the huf of himself, his wife and minor daughters and cannot be assessed as his individual property for the purposes of wealth-tax.it was pointed out by the supreme court that there need not be at least two male members to form an huf as a taxable for the purpose of the wt act and that the expression 'hindu undivided joint family' is understood in the pointed out that ..... after partition, that wealth will belong to the hufs of vijaykishore and navalkishore, one family consisting of vijaykishore, one family consisting of vijaykishore his wife and daughter. ..... the question which has been referred to this court u/s 27(1) of the wt act, 1957, reads as follows :'whether on the facts and in the circumstances of the case, the correct status of the assessee was that of huf or individual ? ..... after partition, each of the assessees held the property allotted at partition as joint family property, the respective families consisting of the wife and daughter of each assessee.2. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]163ITR72(Raj); 1984()WLN339
..... (for short, 'the tribunal' herein), has referred the following question for the opinion of this court:'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the assessee was entitled to exemption under section 5(1)(iv) of the wealth-tax act, 1957, in respect of the value of his 1/4th share in the house property thrown by him into the common hotchpotch of hindu undivided family which was includible in his net wealth under section 4(1a) of the act?'2. ..... the net wealth of the individual under this act for any assessment year commencing on or after the 1st day of april, 1972,-- (a) the individual shall be deemed to have transferred the converted property, through the family, to the members of the family for being held by them jointly; (b) the converted property or any part thereof shall be deemed to be assets belonging to the individual and not to the family; (c) where the converted property has been the subject-matter of a partition (whether partial .....
Tag this Judgment!Court : Rajasthan
Reported in : [1975]99ITR354(Raj); 1973()WLN14
..... . the compensation awarded to him or the market price of the compensation on the date of valuation could be assessed for wealth-tax purposes only as that of hindu undivided family ..... dewan bahadur dewan krishna kishore [1941] 9 itr 695 and it was argued that the impartible estate is owned by the joint family and the income from the estate was assessable in the hands of the hindu undivided family. ..... the wealth-tax act, 1957 (act no. ..... . after the resumption of jagir the garh had been held to be the private property of the assessee under section 23 of the act but it continued to remain the property belonging to the hindu undivided family ..... . we are not at all impressed by the submission that the fiction can be made applicable in assessing wealth-tax in the years 1957-58 and 1958-59 ..... the matter relates to the wealth-tax assessment years 1957-58 and 1958-59. ..... the assessment for the year 1957-58 was thus madeby the wealth-tax officer on 28th february, 1962. ..... the transaction did not involveany transfer creating any liability for gift-tax as it was a case of partition among the members of the hindu undivided family. ..... . there was no corresponding provision in the wealth-tax act of 1957 in the relevant assessment years ..... xxvii of 1957), came into force on the first day of april, 1957. ..... the valuation dates for each year are september 30, 1956, and september 30, 1957, respectively. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1997]225ITR561a(SC); JT1997(4)SC473; 1997(3)SCALE431; (1997)9SCC513; [1997]3SCR607
..... commissioner of wealth tax (supra) has taken the view that section 20 does not empower assessment of a hindu undivided family which has ceased to be a hindu undivided family according to the relevant hindu law prior to the relevant valuation date and that where the family had never been assessed under the act as hindu undivided family and a preliminary decree for partition had been passed prior to valuation date section 20 does not authorise assessment of the members of the family as a hindu undivided family after the preliminary decree. ..... but for the purpose of assessment of income tax and wealth tax the legislature has imposed the requirement that for a partition in a hindu undivided family, it is necessary that the joint family property should be partitioned among the various members or group of members in definite portions.6. ..... these appeals by the assessee raise the question whether the provisions of section 20 of the wealth tax act, 1957 (hereinafter referred to as 'the act') can be applied to a case where the partition in the hindu undivided family in accordance with the principles of hindu law has taken place before the commencement of the act.2. .....
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 : Andhra Pradesh
Reported in : (1988)67CTR(AP)4; [1988]170ITR1(AP)
..... its view the matter has to be examined in the context of section 64(2) of the income-tax act, in particular sub-section (2), which reads as follows : '(2) 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 the 31st day of december, 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 ..... commissioner held, while disposing of the wealth-tax appeals, that after partition of the converted properties, section 4(1a)(c) of the wealth-tax act is applicable and in accordance with the provisions contained therein, only the converted property which fell to the share of spouse or minor child can be deemed to be the property of the individual, who converted the property into joint family property initially. ..... is a reference made by the tribunal under section 27(1) of the wealth-tax act, 1957, concerning the wealth-tax assessment years 1976-77 and 1977-78. in r.c. no. ..... consequently, the provisions contained in section 64(2)(c) of the income-tax act and section 4(1a)(c) of the wealth-tax act cannot be applied in order to assess in the hands of the assessee as individual income arising from the converted property allotted to him on partition; likewise, the extent of the converted property allotted to him on partition cannot also be deemed to be the property .....
Tag this Judgment!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 .....
Tag this Judgment!