Court : Kerala
Reported in : [1991]187ITR634(Ker)
..... whether, on the 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 ?'3. ..... , on the facts and 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. ..... of them arose under the wealth-tax act. ..... of 1983 arises under the wealth-tax act. ..... 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 assessment on a ..... are two decisions which arose under the income-tax act. ..... of 1985 arises under the income-tax act. ..... the kerala joint hindu family system (abolition) act, 1975, with effect from december 1, 1976 ..... are at least four 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. .....
Tag this Judgment!Court : Kerala
Reported in : [2004]134TAXMAN236(Ker)
..... 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. ..... after referring to the provisions of section 7 of the wealth tax act and certain decisions rendered by english courts the supreme court came to the conclusion that where the shares are of a public limited company which are not quoted on a stock exchange or of a private company, their ..... court considered the question regarding the basis of valuation of shares in private limited companies for the purposes of section 7 of the wealth tax act. ..... unquoted shares, in the former decision rendered in the context of the wealth tax act, the supreme court held that the wealth tax officer can on an examination of the balance-sheet, ascertain the profit-earning capacity of the concern and, on the basis of the potential yield, fix the valuation and in the latter case rendered in the context of the provisions of the gift tax act itself the supreme court expressed the broad principles which should govern ..... 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 .....
Tag this Judgment!Court : Kerala
Reported in : AIR1965Ker146; [1964]51ITR47(Ker)
..... sampath iyengar's commentary on the wealth tax act, 1957, the wealth tax paid under that act is not a deductible item. ..... 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. ..... being the wealth tax paid during the account year ended 29-2-1960, against the profits and gains of its business for the assessment year 1960-61 under section 10 (2) (xv) of the indian income-tax act'?2. ..... section 12 (1) of the excess profits tax act, 1940, and section 10 of the business profits tax act, 1947, authorise the deduction of the amount of excess-profits tax and business-profits-tax in the computation of the 'total income' for the purposes of the income-tax act. ..... therefore unable to uphold the contention of the assessees that the amount of wealth tax paid would be a proper allowance under section 10 (2) (xv) or under section 10 (1).'10. ..... 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 .....
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 support of this contention, reliance was placed on the statutory provisions of section 21a of the wealth-tax act, 1957, to contend that in the said statutory provision, there is reference only to section 13(3) and not to explanation 3 in any manner. 6. ..... the wealth-tax officer concluded that under section 21a of the wealth-tax act, 1957, the benefit could not be made available to the assessee-trust. ..... the appellate authority proceeded to observe that the assessee fell within the mischief of section 21a of the wealth-tax act, 1957, as a result thereof. ..... in the process, the tribunal came to the conclusion that the assessee was not entitled to the benefit of exemption contemplated under section 5(1)(i) of the wealth-tax act, 1957. 7. .....
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. ..... and section 5(1a) of the act reads :'(1a) nothing contained in sub-section (1) shall operate to exclude from the net wealth of the assessee any assets referred to in clauses (xv), (xvi), (xxii), (xxiii), (xxiv), (xxv), (xxvi), (xxvii), (xxviii), (xxix), (xxxi) and (xxxii) [not being deposits under the post office savings bank (cumulative time deposits) ..... act, 1957, the appellate tribunal is right in law in holding that the assessee is entitled to exemption of rs. ..... act, 1957, the appellate tribunal is right in law in holding that the assessee is entitled to exemption of rs. ..... section 5(1) of the act, in so far as the same is material, reads as follows :'5. ..... 1,50,000 to whicn she was entitled for exemption under the provisions of section 5(1) of the act. ..... 1,50,000 which represented the maximum limit of exemption to which she was entitled under section 5(1) of the act. ..... 1,50,000 granted to her by the wto under section 5(1) of the act ? ..... 1,50,000 granted to her by the wto under section 5(1) of the act ? ..... , as the tribunal was, to whittle down the plain meaning deduced from the language of these provisions by any presumed or assumed intention of the legislature as gathered from the speech of the finance minister introducing the finance act of 1970.6. ..... act. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1965Ker209; [1964]54ITR587(Ker)
..... 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. ..... 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. ..... 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
..... exemption has been allowed to an employee under this clause for any assessment year, no exemption thereunder shall be allowed to him in relation to any other assessment year.the term 'voluntary retirement' finds a place in section 10(10c) of the income-tax act, but in section 89(1) of the act which stood then reads as follows:where, by reason of any portion of an assessee's salary being paid in arrears or in advance or by reason of his having received in any one financial year salary for more than ..... whether the voluntary retirement from service would fall under the term 'termination of employment' within the meaning of section 17(3) of the income-tax act and the relief under section 89(1) is admissible after the grant of exemption under section 10(10c)(viii) of the income-tax act is the question that arises for consideration in these cases.2. ..... the assessing officer also issued notice to the employer under section 201(1a) of the income-tax act stating that the bank had not complied with the above mentioned statutory provisions and hence threatened to impose penalty and levy of interest on the amounts paid to the employees. .....
Tag this Judgment!Court : Kerala
Reported in : (1990)87CTR(Ker)159; [1989]177ITR13(Ker)
..... section 4(1)(a)(ii) of the wealth-tax act. ..... the matter arises under the wealth-tax act (in short, 'the act') for the assessment years 1967-68, 1968-69, 1969 ..... 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 ..... --(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 ..... (kar) , a division bench of the karnataka high court held that when the value of the house is to be considered for the computation of the net wealth of an assessee, it has to be assumed even for the purpose of section 5(1)(iv) of the act that the house in question belongs to the assessee and that the exemption has to be allowed in the hands of such assessee. ..... 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. .....
Tag this Judgment!Court : Kerala
Reported in : [2000]245ITR37(Ker)
..... 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 ..... 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 ..... section, 'valuation officer' has the same meaning, as in clause (r) of section 2 of the wealth-tax act, 1957 (27 of ..... the following provisions of the wealth-tax act applicable in relation to a reference made by the wealth-tax officer under section 16a of that act apply mutatis mutandis to a reference made by the income-tax officer under section 55a :(i) sub-sections (2), (3), (4), (5) and (6) of section 16a relating to a ..... . learned counsel for the revenue, with reference to section 55a of the act, submitted that the provisions of section 23(3a) of the wealth-tax act, were ipso facto applicable and the tribunal has not considered .....
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. ..... similarly, the provision for tax liability would be a debt for the purpose of the wealth-tax act as has been ruled in kesoram industries and cotton mills ltd. v. ..... commissioner of wealth-tax, : [1967]63itr470(sc) it was held that an estimate towards gratuity liability was not a debt for the purpose of the wealth-tax act. ..... those words were introduced into the indian income-tax act, 1922, by act 25 of 1953, the reason for introducing these words has been stated in the note to sub-clause (a)(iii) of section 8 of act 25 of 1953 in these terms:'this is a clarificatory amendment to make it clear that the revenue expenditure admissible under this residuary clause is that which is not specifically covered by the preceding clauses. ..... commissioner of income-tax, : [1964]52itr153(cal) wherein the scope of section 10(2)(xv) of the indian income-tax act, 1922, similar to section 37(1) of the act was considered. ..... the object of section 37(1) of the act which is very similar to section 10(2)(xv) of the indian income-tax act, 1922, is not to preclude consideration of a claim which would not fall under sections 30 - 36 of the act. .....
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