Court : Kerala
Reported in : [1973]92ITR65(Ker)
..... but it was contended before the high court that the present value of the liability for payment of gratuity was a permissible deduction in valuing the assets of the business of the assessee under section 7(2)(a) of the wealth-tax act. ..... in short, a debt owed within the meaning of section 2(m) of the wealth-tax act can be defined as a liability to pay in praesenti or in futuro an ascertainable sum of money.'21. ..... of the amounts, as on the first day of the previous year relevant to the assessment year, of- (i) its paid-up share capital; (ii) its reserves, if any, created under the proviso (b) to clause (vib) of sub-section (2) of section 10 of the indian income-tax act, 1922, or under sub-section (3) of section 34 of the income-tax act, 1961; (iii) its other reserves as reduced, by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the indian income ..... a copy of this judgment under the signature of the registrar and the seal of the high court will be sent to the income-tax appellate tribunal, cochin bench, as required under section 260(1) of the income-tax act, 1961. ..... the questionwhich arose in that case concerned the admissibility of a claim for deduction of amounts set apart for gratuity from the net wealth of an assesseeunder the wealth-tax act, 1957. ..... at the hearing before the supreme court, it was contended that no such concession was made and, therefore, the question had to be decided on the merits. .....
Tag this Judgment!Court : Kerala
Reported in : 2006(1)KLT25
..... section 52, the fee payable on a memorandum of appeal filed before the high court against the order of incometax appellate tribunal or the wealth tax appellate tribunal, under the incometax act, 1961 (central act 43 of 1961) or the wealth tax act, 1957 (central act 27 of 1957), as the case may be, shall be at the rates specified in sub-item (c) of item (iii) of article 3 of schedule ii.we also extract sub-item (c) of item (iii) of article 3 of schedule ii, which reads as follows:(c) from an order of the appellate tribunal under the incometax act, 1961 or the wealth tax act, 1957 ..... in all the appeals filed by the commissioner of income tax or in any appeal to be filed either by the revenue or by the assessee under the income-tax act and under the wealth-tax act against the orders of the income-tax appellate tribunal from 26.10.2002, court fee is payable and has to be under section 52a read with schedule ii article 3 item (iii) sub-item (c) of the kerala court fees and suits valuation act, inserted by the kerala court fees and suits valuation (amendment ..... in this case is with regard to the court fee payable in respect of an appeal filed under section 27-a of the wealth tax act. ..... we are of the view, subject matter of the appeal preferred under section 27a of the wealth-tax act would not fall under clauses (a) to (c) of sub-item (c) but only ..... matter came up for hearing we issued notice to the state as well as to the senior standing counsel appearing for government of india (taxes). .....
Tag this Judgment!Court : Kerala
Reported in : (1991)100CTR(Ker)66; [1992]197ITR325(Ker)
..... thus arising for consideration are : (1) can it be said that the questions formulated in the petition in fact arise out of the order of the tribunal and (2) can the petitioner invoke the jurisdiction of the tribunal under section 35(1)(e) of the wealth-tax act, 1957, and get the separate note vacated ?5. ..... this provision is relevant in the context is beyond dispute in view of section 2(b) of the wealth-tax act, 1957, which defines 'appellate tribunal'. ..... that the remedy that can be thought of by the revenue to get rid of the effect of this dissenting note of the accountant member is to apply for rectification of that order by invoking the jurisdiction of the tribunal under section 35(1)(e) of the wealth-tax act, 1957. ..... touching upon this aspect, learned counsel for the assessee submitted that, inasmuch as the high court is not constituted as a court of appeal under section 257 but, on the other hand, the high court is exercising only an advisory or consultative jurisdiction under the section and as such a strictly limited jurisdiction, the high court cannot interfere with the dissenting note. ..... but if the members are equally divided, they shall state the point or points on which they differ and the case shall be referred by the president of the appellate tribunal for hearing the said point by one or more of the said members of the appellate tribunal and such point or points shall be decided according to the opinion of the majority of the members of the appellate tribunal who have .....
Tag this Judgment!Court : Kerala
Reported in : [1988]169ITR84(Ker)
..... of the appellate assistant commissioner under the wealth-tax act is as wide as it is in the case of his counterpart under the income-tax act, 1961 : (see section 23 of the wealth-tax act, 1957, and sections 250 and 251 of the income-tax act, 1961). ..... [1973]88itr47(sc) , affirming the decision of the bombay high court in : [1968]70itr600(bom) , which arose under the wealth-tax act. ..... 's family trust's case : [1977]108itr555(sc) , confirming the judgment of the andhra pradesh high court, the supreme court proceeded to consider the contention that the assets held by a trustee in trust for others cannot be said to be assets 'belonging to the trustee' and, therefore, cannot constitute 'net wealth' chargeable to duty under section 3 of the act as the assets belonged to the beneficiaries and not to the trustee. ..... 2, referred to the high court by the income-tax appellate tribunal, cochin ..... ]91itr5(sc) has also held that the deed creates two trusts, a public charitable trust as held by the high court, and a private trust in respect of the remaining income. ..... it is thus evident that the authorities and the high court held that the income derived from the property held under trust and covered by paragraph 8 of the deed is a public ..... this observation of the bombay high court is fully supported by the earlier observation of the supreme court in trustees of gordhandas govindram family charity ..... hence, we are in agreement with the high court that this part of the bequest cannot be considered as a public .....
Tag this Judgment!Court : Kerala
Reported in : [1990]183ITR22(Ker)
..... 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. ..... the decision of the delhi high court turned on the particular facts as explained above. ..... but, it was swayed by the decision of the delhi high court in kalsi tyre p. ..... as stated earlier, the tribunal was largely swayed by the decision of the delhi high court in kalsi tyre (p. ..... in coming to the above conclusion, the appellate tribunal was largely influenced by the decision of the delhi high court in kalsi tyre (p. ..... in taking the said view, the appellate tribunal largely relied upon the decision of the delhi high court in addl. ..... at the instance of the revenue, the income-tax appellate tribunal has referred the following question of law for the decision of this court :'whether, on the facts and in the circumstances of the case, the tribunal is justified in holding that the work of reconditioning automobile and marine engines is processing of goods and, therefore, the assessee is entitled to exemption under section 5(1)(xxxii) of her interest in messrs. ..... 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, the retreaded tyre is almost a new article and indeed it is well .....
Tag this Judgment!Court : Kerala
Reported in : AIR1966Ker108; [1967]63ITR787(Ker)
..... a copy of this judgment under seal of the high court and the signature of the registrar will be sent to life appellate tribunal as required by sub section (6) of section 27 of the wealth tax act, 1957 ..... 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. ..... 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'. ..... 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. ..... this is a reference by the income lax appellate tobunal, madras bench, under section 27(1) of the wealth tax act, 1957. .....
Tag this Judgment!Court : Kerala
Reported in : [1997]226ITR898(Ker)
..... a members' club like the assessee is liable to be taxed under the wealth-tax act, 1957, treating it as an 'individual' under section 3 before the introduction of section 21aa has been finally answered by this court in cwt v. ..... on the decisions of the high courts of gujarat, bombay and calcutta as also the decisions of the appellate tribunal, cochin bench, itself in the case of sreemulam club and trivandrum club, it was held that the assessee is only an association of persons and it does not fall within the ambit of section 3 of the wealth-tax act and, therefore, not liable to wealth-tax for any of the above ..... the andhra pradesh high court took the view that since there is no definition of association of persons under the wealth-tax act, the expression should have the same meaning as given under the income-tax act, .1961, and, therefore, the board's circular should apply with equal force in the case of associations of persons under the wealth-tax act also.10. ..... coming to the above conclusion, this court followed the decisions of the high courts of bombay, gujarat and calcutta in orient ..... institution having objects similar to the objects of the club to be determined by the majority of the , members of the club present at the time of dissolution and eligible to vote and in default thereof by such judge of the high court as may have or acquire jurisdiction in the matter.' 9. ..... the above conclusion, the assessing authority followed a decision of the madras high court in coimbatore club v. .....
Tag this Judgment!Court : Kerala
Reported in : (1991)99CTR(Ker)124; [1991]191ITR370(Ker)
..... in that case, a question arose whether mappilla marumakkathayam tarwads of north malabar -- muslim undivided families governed by the mappilla marumakkathayam act (madras act 17 of 1939)--fall within the expression 'individual' and are assessable to tax under section 3 of the wealth-tax act, 1957. ..... the department was thus aware that only individuals and undivided families were taxable entities under the wealth-tax act, 1957, before the introduction of section 21aa in the act. ..... in this connection, the bombay high court in orient club's case : [1982]136itr697(bom) observed :'if the decision in mammed kayi's case : [1981]129itr307(sc) is carefully read, it is difficult to spell out a general proposition from that decision that the word 'individual' in section 3 of the wealth-tax act includes all groups of individuals. ..... it is observed that the legislature has given a clear indication that an association of persons is not an assessable entity covered by the word 'individual' in section 3 of the wealth-tax act and that is clear on a reading of rule 2(1) of the wealth-tax rules, 1957, along with section 4(1)(b) of the act. ..... paragraph 84 says that an association of persons is not charged to wealth-tax on its net wealth and that, under the wealth-tax act, 1957, individuals and hindu undivided families are taxable entities. .....
Tag this Judgment!Court : Kerala
Reported in : (2006)200CTR(Ker)287; [2006]280ITR260(Ker)
..... arise under the wealth-tax act, 1957 (hereinafter referred to as 'the act'). ..... commissioner of wealth-tax revised the assessments under section 25(2) of the act. ..... 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. ..... the commissioner took the view that the exemption under section 40(3)(vi) of the finance act, 1983, will be available if the assessee uses the building as a factory, godown, warehouse, hotel for the ..... 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. ..... according to counsel, under section 35(7) of the act, no amendment under this section shall be made after the expiry ..... : [2004]265itr312(ker) , held that section 40(3)(vi) of the finance act specifically includes warehouse, cinema house, hotel or office for the purpose of its business or as residential accommodation ..... , the following questions of law are raised :(1) whether, on the facts and in the circumstances of the case, the tribunal is right in law in holding that the assessee's case is hit by section 40 of the finance act, 1983 ? .....
Tag this Judgment!Court : Kerala
Reported in : [1991]192ITR199(Ker)
..... in this batch of 18 referred 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 ..... dated 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. ..... 'asset' for the purpose of the wealth-tax act and that should be valued, in the light of the decisions of the supreme court in khorshed shapoor chenai v. ..... year 1970-71 onwards, the assessee filed returns under the wealth-tax act adopting the value of the property as determined by the justice ..... of the property taken over by the government01-05-1973award passed by the land acquisition officer15-03-1974judgment of the sub-court dismissing the prayer for enhanced compensation17-03-1977first judgment of the high court reversing the judgment of the subordinate judge and remitting the matter to the sub-judge for fresh disposal in ..... notifications under section 3(1) of the land acquisition act--1-9-1970, .....
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