Court : Chennai
Reported in : (2003)181CTR(Mad)534; [2003]260ITR617(Mad)
..... section 3 of the wealth-tax act, 1957, the three assessable entities are individual, hindu undivided family ..... --(1) notwithsanding anything contained in section 13 of the finance act, 1960 (13 of 1960), relating to exemption of companies from levy of wealth-tax under the wealth-tax act, 1957 (27 of 1957) (hereinafter referred to as the wealth-tax act), wealth-tax shall be charged under the wealth-tax act for every assessment year commencing on and from the 1st day of april, 1984, in respect of the net wealth on the corresponding valuation date of every company not being a company in which the public are substantially interested, ..... a central, state or provincial act; any institution, association or body, whether incorporated or not and whether indian or non-indian, which the board may, having regard to the nature and objects of such institution, association or body, declare by general or special order to be a company ; provided that such institution, association or body shall be deemed to be a company only for such assessment year or assessment years (whether commencing before april 1, 1975, or on or after that date) as may be ..... further under article 6 of the memorandum of association of the assessee-club upon the winding up or dissolution of the club the property remaining after the satisfaction of all its debts could not be paid or distributed among the members of the club but should be given or transferred to some other institution or institutions having objects similar to the .....
Tag this Judgment!Court : Mumbai
Reported in : [1968]70ITR600(Bom)
..... having regard to the intention of the act, which was to realise a tax known as 'wealth-tax' and having regard to the further facts that under the charging section, the tax was to be levied upon every individual, hindu undivided family and company, there was no difficulty in charging wealth-tax in the hands of trustee. ..... this is a reference under section 27(1) of the wealth-tax act relating to the wealth-tax assessments of the assesses for the assessment years 1957-58 and 1958-59, for which the relevant valuation dates were december 31, 1956, and december 31, 1957, respectively. 2. ..... or surplus remains of the net income after payments are made for the benefit of the parties specified in clause (3), the trustees will use and apply such unspent balance of net income or so much of it as they in their absolute discretion think proper to use and apply for giving monetary help or relief to the poor members of the hindu community in general or for such charity or charities for the benefit of the hindu community in general or for way as they ..... clause (2) states that the income of the trust estate, after, after payments of the necessary outgoings, will be applied by the trustees in giving help or relief to such poor vaishya hindus or other hindus as the trustees may consider deserving of help in the manner and to the extent thereinafter specified .....
Tag this Judgment!Court : Mumbai
Reported in : [1965]58ITR161(Bom); 1965MhLJ907
..... that section reads as follow : '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 ..... the question, which has been referred to us under section 27(1) of the wealth-tax act, 1957, at the instance of the assessee, is as follow : 'whether for the assessment year 1959-60 the net wealth of the assessee has rightly been charged at the rate ..... according to the rates of the earlier finance act until the 1st of april of the year, which is necessarily after the last date of the accounting year in which the income liable ..... even after the introduction of section 67b of the indian income-tax act, whereby in the absence of the finance act being passed the rates under the earlier finance act are made to prevail, the position is not altered because the application of the rates under the earlier act also does not come in unless the finance act is not passed on or before the 1st of april of the year in question and consequently there is no charge of income-tax even .....
Tag this Judgment!Court : Mumbai
Reported in : [1977]106ITR709(Bom)
..... appeal against the assessment to the appellate assistant commissioner before whom the trustees contended that they should have been given exemption on the whole of the trust property under section 5(1)(i) of the wealth-tax act, 1957. ..... completed the same then well and good, if not then my trustees shall give the same for dharam khata (religious and charitable purpose) in my name and at my uthiana (third day ceremony after my death) and that on this condition that the rent should be so fixed that the income of the rent should yield interest at three and half per cent, or up to four per cent, and all ..... net rent income for the following five objects : (1) for payment of monthly pocket expenses and annual clothing allowances to the members of the families of the settlor and his brothers; (2) for baj rojgar (ceremonies) as may have to be performed in connection with the members of the settlor's family; (3) for continuing allowances to several poor zoroastrians of kalyan and bombay to whom the settlor was making allowances and payments, but to ..... paid to my servants and attendants belonging to any caste whatever who may be in poor circumstances and to others who may be thought proper in every affliction and trouble (of theirs) and moneys shall be subscribed to funds if after my lifetime the death should occur of any member of my family, my son nanabhai excepted, and any members of my brothers' families on such occasion for the necessary death ceremonies in connection with those people rs. .....
Tag this Judgment!Court : Mumbai
Reported in : [1968]69ITR577(Bom)
..... this is a reference under section 27(1) of the wealth-tax act, 1957, arising out of the wealth-tax assessments of the assessee for the assessment years 1959-60 and 1960-61, for which the corresponding valuation dates were march 31, 1959, and march 31, 1960, respectively. ..... , allowed the assessee's appeal for the two assessment years and directed the wealth-tax officer to exclude the life interest as it was exempt under section 5(1)(vii) of the wealth-tax act. ..... then argued that even if it is held that the right created under clause 14(i)(c) is the right of the assessee and that too a right to receive a pension or a life annuity, it will still not fall under section 5(1)(vii) of the wealth-tax act because the right to receive a pension or life annuity contemplated by the said provision is the right of the employee himself to receive a pension or life annuity in consideration of his past services under the employer. mr. ..... answer to question (1) is in the affirmative, whether, on the facts and in the circumstances of the case, the assessee was entitled to the exemption provided under section 5(1)(vii) of the wealth-tax act in respect of the capitalised value of the assessee's right to receive a sum of rs. ..... although normally the pension may be paid to the employee after his retirement in consideration of his past services, we do not see why the service contract may not provide for pension to be paid to the widow or other dependants, such as mother of the employee in the event of the .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]115ITR211(Bom)
..... under section 3, it has been provided that subject to the provisions contained in this act, there shall be charged for every assessment year commencing on and from the very 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 ..... doubt that in the case of a trust where life interest is created a swell as reversionary interests are also provided for, both these interests are to be valued on actuarial basis and this view has been expressed after examination of the relevant provisions of the wealth-tax act, particularly the provisions contained in sections 3 and 21 of the act. mr. ..... the tribunal observed that in the instant case the fact was that there was no remainderman born on the relevant valuation date and, therefore, the balance of the trust fund, after deducting the life interest of the beneficiaries, had been taxed in the hands of the assessee as trustees and not as the interest of any unborn person but as the assets held by the trustees on the valuation date and that in such a ..... dinshaw and such assessment was made in respect of trust assets after deducting the value of life interest assessed in the hands of two ..... support to his aforesaid contention was sought to be derived by him by comparing the language of the amended section 45 with the language of the amended section 45 after its amendment in 1972. .....
Tag this Judgment!Court : Mumbai
Reported in : 1992(3)BomCR645; [1994]208ITR958(Bom)
..... this reference under section 27(3) of the wealth-tax act, 1957, deals with the assessment years 1962-63, and 1963-64 and 1964-65, the corresponding valuation dates march 31, 1962, march 31, 1963, and march 31, 1964. ..... facts and in the circumstances of the case, the tribunal was right and justified in law in not permitting the assessee to raise before it additional ground that the learned wealth-tax officer erred in including the total value of assets in ashok kumar birla trust instead of the capitalised value of his interest in the income of the said trust as per the provisions of the trust deed, as forming part of his wealth for the purpose of assessment under the wealth-tax act, 1957 ?' 12. ..... under sub-section (5) of section 24, 'the appellate tribunal may, after giving both parties to the appeal an opportunity of being heard, pass such order thereon as it thinks fit and such orders may include an order enhancing the assessment or penalty'. 14. ..... birla (after excluding the interest of other beneficiaries of the trust) instead of the capitalised value of the assessee's interest in the income and corpus of the trust as per the provisions of the trust deed, as forming part of the assessee's wealth for the purpose of assessment under the wealth-tax act, 1957 2. ..... birla trust, after deducting therefrom the value of the life interest of two other beneficiaries instead of the capitalised value of his interest in the income and corpus of the trust ascertained on an actuarial basis. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1965AP447; [1967]65ITR579(AP)
..... it was held by a division bench of the mysore high court that the assessment under the wealth tax act in respect of the property which the assessee had received on partition must be made on his as the karta of his undivided family and not as an individual. ..... it was held that he was not a hindu undivided family for wealth tax assessment under the wealth tax act. ..... there the assessee received on partition a portion of ancestral property for his share and his undivided family, after the partition consisted of his wife and two daughters. ..... (3) 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. 5. ..... a number of females belonged to the hindu undivided family of the sole surviving coparcener, including his deceased son's widow who exercised her power of adoption after his death. ..... (8) the appellate tribunal was of the view that as the source of the respondent's assets was joint hindu family property, the property in his hands retained that character even after he divided from the other coparceners of the family. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1972]85ITR201(AP)
..... section 3 charges the net wealth on the corresponding valuation date of every individual, hindu undivided family and company to wealth-tax at the rate or rates ..... for all these reasons, we are unable to agree with the contention of the assessees that for the assessment years 1957-58, 1958-59 and 1959-60, the unexpired portion of the lease for the sitarama mica mine was less than six years and not an asset within the meaning of section 2(e) of the act, as the order passed by the controller of mining leases on 27th june, 1959, was not available on the relevant valuation ..... after the relevant valuation dates relating to facts are neither relevant nor material for the purpose of ascertaining the value of the assets to be determined by the wealth-tax authorities under the act. ..... been specifically made retrospectively applicable to a particular assessment year, the tribunals, before whom the appeals relating to that assessment year were pending, must give effect to the amended law though enacted after the close of the assessment year. ..... rule 4 of the aforesaid rules requires the controller of mining leases to pass an order, after issuing show cause notice and affording an opportunity to the lessee, making such modifications and alterations in the terms and conditions of the existing mining leases as may be necessary for the purpose ..... after considering the representations of the assessees, the controller of mining leases, by his order, dated june 27, 1959, reduced the term of the lease from 30 .....
Tag this Judgment!Court : Allahabad
Reported in : [1974]93ITR332(All)
..... learned counsel for the department then contended that, as provided in section 3 of the wealth-tax act, the tax is to be charged in respect of the net wealth, on the corresponding valuation date, of each individual, hindu undivided family and company at the rate or rates specified in the schedule. ..... ariff, : [1970]76itr471(sc) the supreme court affirmed that the expression 'if sold in the open market' in section 7 of the wealth-tax act 'does not contemplate actual sale or the actual state of the market but only enjoins that it should be assumed that there is an open market and the property can be sold in such a market and, on that basis, ..... while making the assessment, the wealth-tax officer observed that the assessee was a mutawalli of the wakf and as per clause 7 of the deed, 10% of the income was to belong to her, she had an interest in the property as mutawalli to the extent of 10% of its net income. ..... after referring to section 2(m) of the wealth-tax act, which denned 'net wealth', and section 2(e), which denned 'assets', the appellate assistant commissioner came to the conclusion that the word 'property' had a wide import and it included every possible interest which a person could acquire, hold or enjoy. ..... judge for his opinion:'whether the right to remuneration belonging to the assessee as mutawalli under the wakf deed dated august 24, 1950, is an 'asset' within the meaning of section 2(e) of the wealth-tax act, 1957 ?'27. .....
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