Court : Kerala
Reported in : [1991]187ITR634(Ker)
..... facts and in the circumstances of the case and in view of the special provisions in the wealth-tax act, 1957, the tribunal is right in annulling the assessment on the assessee as a hindu undivided family ..... in the circumstances of the case and also in the absence of a physical division of properties contemplated under the wealth-tax act, 1957, the tribunal is right in holding, in a case governed by a central statute, that the hindu undivided family was extinct by statute and, after its extinction, there would be no charge to tax ?2. ..... similarly, the only question referred at the instance of the revenue in income-tax reference no, 190 of 1985 for the decision of this court is as follows ;'whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that, after the coming into force of the kerala joint hindu undivided family system (abolition) act of 1975, the hindu undivided family had ceased to exist in kerala and there cannot be any ..... above four decisions of this court, we answer the questions referred to us in the following manner.income-tax reference no. ..... decisions of this court which have taken the view that the joint hindu family in kerala state is put an end to by the kerala joint hindu family system (abolition) act, 1975. ..... the sole question referred to us in the affirmative, against the revenue and in favour of the assessee.a copy of this judgment under the seat of this court and the signature of the registrar will be sent to the income-tax. .....
Tag this Judgment!Court : Kerala
Reported in : [2004]134TAXMAN236(Ker)
..... 45)the supreme court then observed that since the provisions for determining the value of an asset is the same in section 6(1) of the gift tax act as it is the same in section 7(1) of the wealth tax act, the principles of valuation laid down in mahadeo jalans case (supra) must apply equally in relation to valuation of shares to be made for the purpose of the gift tax act.13. ..... mathews case (supra) relying on decisions of the mysore and madhya pradesh high courts has taken the view that, in the absence of a provision for valuation of shares in the gift tax rules, rule 1d of the wealth tax rules providing for valuation of unquoted shares would apply and in view of the decision of the supreme court in bharat hari singhanias case (supra) the provisions of rule 1d are mandatory in nature and consequently the valuation of unquoted shares for the ..... mahadevias case (supra) and that the erroneous view of the high court as to the principles of valuation should, therefore, not remain ..... it was further noted that the court following the above principles, negatived the applicability of the break-up method for valuation of the shares and upheld that view taken by the high court that the yield method was the proper method for arriving at the valuation of the ..... krishna murthy : [1974]96itr87(kar) which has taken the view that the adoption of rule 1d of the wealth tax rules, 1957 for valuation for the purpose of estate duty and the decision of the madhya pradesh high court in shyamsukh garg v. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1965Ker146; [1964]51ITR47(Ker)
..... the question whether the wealth tax paid is an admissible allowance under sections 10 (1) and 10 (2) (xv) of the indian income-tax act, 1922, came up for consideration before the high court of madras in tax case nos. ..... the liability to pay wealth tax arises from the wealth tax act, 1957. ..... of these, section 3 is the charging section, it follows closely the language adopted for the charge of income-tax in section 3 of the indian income-tax act, 1922, and reads as follows:'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, 1967, 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 ..... 91, 92, 99, 102, 110 and 111 of 1961.that court said:'it is true that a capital asset of a trading company is an essential requisite for the carrying on of the business, it is also true that such capital asset would fall within the ambit of the wealth tax act. ..... a copy of this judgment under the seal of the high court and the signature of the registrar will be forwarded to the appellate tribunalas required by sub-section (5) of section 66 of the indian income-tax act 1922. ..... according to sampath iyengar's commentary on the wealth tax act, 1957, the wealth tax paid under that act is not a deductible item. .....
Tag this Judgment!Court : Kerala
Reported in : [1997]224ITR468(Ker)
..... considerations relating to the matter of exemption, whether it is under the provisions of the income-tax act, 1961, or under the provisions of section 5(1)(i) of the wealth-tax act, 1957, are identical by virtue of the provisions of section 21a of the wealth-tax act, 1957, wherein section 13(3) of the income-tax act, 1961, is required to be read in as a result of the second proviso thereto. ..... thus the claim for benefit of exemption under section 5(1)(i) of the wealth-tax act, 1957, with reference to the contention that the assessee being a charitable institution within the meaning of section 2(15) of the income-tax act would be entitled to the said benefit, was rejected. 5. ..... in addition, this court also had an occasion to consider the question of benefit of exemption, though under the provisions of the income-tax act, 1961. ..... a copy of this judgment, under the seal of this court and the signature of the registrar, shall be forwarded to the income-tax appellate tribunal, cochin bench, as required by law. ..... in the statement of case, the tribunal has been careful and particular to state that a similar and identical question with regard to the provisions of sections 13(1)(c)(ii) and 13(2)(h) read with section 13(3) of the income-tax act, 1961, was already referred to this court. 8. ..... cit, : [1997]224itr453(ker) , by this court (of which one of us--myself--was a partner dictating the judgment) relating to the assessment year 1973-74. .....
Tag this Judgment!Court : Kerala
Reported in : [1979]116ITR135(Ker)
..... lists the items of wealth in respect of which wealth-tax shall not be payable, section 5(1a) put a maximum limit of rs. ..... --(1) subject to the provisions of sub-section (1a) wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee....... ..... having fixed the ceiling limit for exemption from net wealth in respect of certain categories under section 5(1a), the proviso enacts that where the net wealth includes items under (xv) and (xvi) of section 5(1a), above the ceiling limit, held prior to march 1, 1970, the ceiling shall be raised by the amount of such excess. ..... what exactly is the scope and limit of exemption enjoyed by an assessee under the combined operation of section 5(1)(xv) and (xvi) read with section 5(1a) we may mention that the maximum amount of investment in the securities and deposits mentioned in clauses (xv) and (xvi) have been specified by the government in appropriate notifications. ..... in proceedings for assessment to wealth-tax, she claimed exemption for this amount of rs. ..... act, 1957, the appellate tribunal is right in law in holding that the assessee is entitled to exemption of rs. ..... a copy of our judgment under the signature of the registrar and the seal of this court will be forwarded to the income-tax appellate tribunal, cochin bench, as required by law. ..... 37 of 1976 are as follows : the assessee is her highness smt. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1965Ker209; [1964]54ITR587(Ker)
..... of this judgment under the seal of the high court and the signature of the registrar will be forwarded to the appellate tribunal as required by sub-section (6) of section 27 of the wealth-tax act, 1957. ..... decided in lavour of the department--is an ascertained or readily calculable amount'; and 'we entertain no doubt that we must hold that the income-tax liability with which we are concerned did not mature into a debt owed by the asseesee earlier than the 1st april 1959, that it is hence not deductible as held by the appellate tribunal under section 2(m) of the wealth-tax act, 1957, and that the question referred has to be answered in the negative and against the assessee.'6. ..... whether the liability for income taxation can be deducted before arriving at the net wealth of an assessee for the purpose of taxation under section 3 of the wealth-tax act, 1957, came up for consideration in commr. ..... a reference under section 27(1)of the wealth-tax act, 1957. ..... than - (i) debts which under section 6 are not to be taken into account; (ii) debts which are secured on, or which have been incurred in relation to, any asset in respect of which wealth-tax is not payable under this act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953 (34 of 1953), the expenditure-tax act, 1957 (29 of 1057), or in gift-tax act, 195s (18 of 1958;,-- (a) .....
Tag this Judgment!Court : Kerala
Reported in : (2006)201CTR(Ker)492; [2006]282ITR587(Ker); 2006(1)KLT258
..... contemplated under section 89(1) of the act is aimed to mitigate hardship that may be caused on account of the high incidence of tax due to progressive increase in tax rates. ..... madras high court in commissioner of income tax ..... the court held that section 89(1) read with section 17(3) of the act are beneficial clauses intended to grant certain benefits to employees or persons in service and therefore while placing interpretation on such clauses, the object with which such clauses are provided in the act must be borne in mind, the object being to grant certain benefit to the person whose service ..... the court while interpreting section 89(1) of the act read with section 17(3) held that there is no justification to confine the meaning of the word 'termination' only to the cases of voluntary retirement ..... the madras high court in ..... be made to the decision of the madras high court in c.i.t. v. j. ..... are in full agreement with the reasoning of the madras high court in visalakshi's case, supra : [1994]206itr531(mad) ..... courts strongly lean against construction which reduces the statute to a futility and when two interrelations of a taxing statute is possible, the one in favour of the assessee has to be accepted and the courts should give effect to the purpose and object of the ..... the court took the view that if the meaning of the word 'termination' is confined to cases of voluntary retirement or superannuation only, the object of the clause will not be fully achieved and it would amount to restricting the .....
Tag this Judgment!Court : Kerala
Reported in : (1990)87CTR(Ker)159; [1989]177ITR13(Ker)
..... the appellate tribunal referred to the decisions of the madras and karnataka high courts and held that the property included in the net wealth of the assessee by the fiction created by section 4(1)(a) of the act has to be assumed even for the purpose of section 5(1)(iv) of the act as belonging to the assessee and the exemption should be allowed in the hands of the assessee. ..... this was so done under section 4(1)(a)(ii) of the wealth-tax act. ..... the wealth-tax officer, as well as the appellate assistant commissioner, held that in order to claim the exemption under section 5(1)(iv) of the act, the house must belong to the assessee (respondent). ..... --(1) subject to the provisions of sub-section (1a), wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee-- (iv) one house or part of a house belonging to the assessee : provided that, where the value of such house or part exceeds one hundred thousand rupees, the amount that shall not be included in the net wealth of the assessee under this clause shall be one hundred thousand rupees :' 3. ..... the matter arises under the wealth-tax act (in short, 'the act') for the assessment years 1967-68, 1968-69, 1969-70, 1970-71 and 1971-72. ..... a copy of this judgment under the seal of this court and the signature of the registrar will be forwarded to the income-tax appellate tribunal, cochin bench. .....
Tag this Judgment!Court : Kerala
Reported in : [2000]245ITR37(Ker)
..... or by more than such amount as may be prescribed in this behalf ; or (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do, and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16a, clauses (ha) and (i) of sub-section (1) and sub-sections (3a) and (4) of section 23, sub-section (5) of section 24, section 34aa, section 35 and section 37 of the wealth-tax act, 1957 (27 of 1957), shall with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the assessing officer under sub ..... in regard to the grant of opportunity, it was observed that the reference was not under section 16a of the wealth-tax act, 1957 (in short, 'the wealth-tax act') and, therefore, there was no requirement to grant opportunity to the valuation officer. ..... (2) whether, on the facts and in the circumstances of the case and also in view of the disagreement of the commissioner of income-tax (appeals) with the cost fixed by the valuation cell, should not the commissioner of income-tax (appeals) who has a 'duty to act judicially' a duty to accord a hearing to the valuation cell before rejecting their report and is not such compliance of natural justice 'implicit in the exercise of such power' as opined by the supreme court in state of orissa v. dr. ..... a similar view was taken by the gujarat high court in i. t. a. no. .....
Tag this Judgment!Court : Kerala
Reported in : [1976]102ITR803(Ker)
..... [1966]59itr569(sc) held that the claim arising out of a notice under section 18a of theindian income-tax act, 1922, would amount to a debt under section 2(m) of the wealth-tax act, 1957, and would have to be taken into account for determining the wealth of an assessee for assessment under the wealth-tax act, 1957. ..... high court observed therein as follows :'it will be, therefore, stultifying sub-clause (xv) of section 10(2) and its residuary nature if a construction is put on it to mean that, whenever an allowance falls under these clauses (i) to (xiv), that fact by itself would exclude entertainment of the claim under clause (xv) of section 10(2) of the act.'6 ..... supreme court in commissioner of wealth-tax ..... of this judgment, under the seal of the high court and the signature of the registrar will be forwarded to the income-tax appellate tribunal, cochin bench. ..... the allahabad high court in two decisions wherein the specific question arose has allowed ..... commissioner of income-tax, : [1958]34itr10(sc) the supreme court ruled that:'when a claim is made for a deduction for which there is no specific provision under section 10(2), whether it is admissible or not will depend on whether, having regard to accepted commercial practice and trading principles, it can be said to arise out of the carrying on of the business and be incidental ..... and accepted by the supreme court must govern this case as ..... the supreme court quoted the above passage with approval and observed in metal box company of india .....
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