Court : Mumbai
Reported in : [1988]173ITR529(Bom)
..... here, it may be noted that section 34 of the wealth-tax act, 1957, since repealed with effect from october 1, 1964, prohibited a registering officer from registering any document, unless a certificate of the wealth-tax officer was produced to the effect that the transferor either had made satisfactory provision for payment of the wealth-tax due to the government or that the registration of the document would not prejudicially affect the recovery of any existing liability under the act. ..... (iv) since, on the dates of the attachments, that is to say, in july, 1970, the trusts were not registered, the property still continued to vest in the settlor and were liable to attachment, and (v) the trusts were void under section 281 of the present act, as they were created with a motive to defraud the revenue.7. ..... (1) notwithstanding anything contained in any other law for the time being in force, where any document required to be registered under the provisions of clause (a) to clause (e) of sub-section (1) of section 17 of the indian registration act, 1908 (16 of 1908), purports to transfer, assign, limit or extinguish the right. ..... (2) where an attachment has been made under this schedule, any private transfer or delivery of the property attached or of any interest therein and any payment to the defaulter of any debt, dividend or other moneys contrary to such attachment, shall be void as against all claims enforceable under the attachment.' '51. .....
Tag this Judgment!Court : Chennai
Reported in : [2000]243ITR509(Mad)
..... is set out as under :'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in valuing the entire property by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to hindu undivided family at rs. ..... the appellate authority and the tribunal have held that section 7(4) of the wealth-tax act is the appropriate provision to be applied for valuing the ..... 6,53,054 by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to the hindu undivided ..... the income-tax officer had sought to value the land and building separately by applying rule 1bb while the assessee invoked section 7(4) of the wealth-tax act, as it then stood, as the building was used by him as a residential house and had been so used by him in the 12 months immediately preceding ..... of which is owned by the assessee in his individual capacity and the land on which the building stands is owned by the assessee as karta of the hindu undivided family could be valued by applying the provisions of section 7(4) of the wealth-tax act ?'5. ..... a residential building thereon, and that building has been assessed as an asset belonging to him as an individual, while the land on which it is constructed has been assessed as an asset of the hindu undivided family for the purpose of wealth-tax. ..... questions referred to us in these references in favour of the assessee and against the revenue. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... in view of these provisions it would be extremely difficult to accept the argument advanced on behalf of revenue that the liability for payment of tax for the assessment year 1957-58 on the 31st december, 1956, was purely a contingent liability and that there could possibly be no debt in existence within the meaning of section 2(m) of the wealth-tax act, 1957. 58. ..... this reference under section 27(1) of the wealth-tax act, 1957, raises some interesting and important questions relating to the construction of section 2(m) and section 7of the wealth-tax act which have been argued with considerable vigour and ability by both the sides. ..... or indirectly, otherwise than for adequate consideration or in connection with an agreement to live separately, or (ii) by a minor child not being a married daughter to whom such assets have been transferred by the individual otherwise than for adequate consideration, or (iii) by a person or association of persons to whom such assets have been transferred by the individual otherwise than for adequate consideration for the benefit of the individual or his wife or minor child, or (iv) by a person or association of persons to whom such assets ..... the question that then arose was whether a debt or liability incurred in wagering which, by section 18, of the gaming act, 1845, was declared to be null and void could be said to be a debt within the meaning of the aforesaid section. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626
..... mammed kayi, : [1981]129itr307(sc) in that case, the question was whether mapilla marumakkathayam tarwards of north malabar -- muslim undivided families governed by the marumakkathayam act (madras act 17 of 1939) -- fell within the expression 'individual' and were assessable to tax under section 3 of the wealth tax act, 1957.24. ..... the idea behind introduction of the new section 21aa was explained in the following words:'21.1 under the wealth tax act, 1957, individuals and hindu undivided families are taxable entities but an association of persons is not charged to wealth tax on its net wealth. ..... the case of the revenue is that the club will have to be assessed as an 'individual' under the wealth tax act. ..... there were also provisions for including in the income of an assessee income from assets transferred directly or indirectly to his wife otherwise than for adequate consideration or in connection with an agreement to live apart. ..... lastly, section 16(3) provides that an income from assets transferred by a person for the benefit of his wife or a minor child or both otherwise than for adequate consideration will be included in the income of the person concerned. ..... section 8-b confers power of transfer of cases on the commissioner from one officer to another. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... in view of these provisions if would be extremely difficult to accept the argument advanced on behalf of revenue that the liability for payment of tax for the assessment year 1957-58 on the 3rst december 1956 was purely a contingent liability, and that there could possibly be no debt in existence within the meaning of section 2(m) of the wealth tax act, 1957. 30. ..... this reference under section 27(1) of the wealth tax act, 1957, raises some interesting and important questions relating to the construction of section 2(m) and section 7 of the wealth tax act which have been argued with considerable vigour and ability by both the sides. ..... or indirectly, otherwise than for adequate consideration or in connection with an agreement to live separately, or (ii) by a minor child not being a married daughter to whom such assets have been transferred by the individual otherwise than for adequate consideration, or (iii) by a person or association of persons to whom such assets have been transferred by the individual otherwise than for adequate consideration for the benefit of the individual or his wife or minor child, or (iv) by a person or association of persons to whom such assets ..... ' the question that then arose was whether a debt or liability incurred in wagering which, by section 18 of the gaming act, 1845, was declared to be null and void could be said to be a debt within the meaning of the aforesaid section. .....
Tag this Judgment!Court : Delhi
Reported in : AIR1991Delhi325
..... he has also contended that that copies of the income-tax assessment orders are not admissible in evidence: (11) section 45 of the transfer of property act lays down that where immovable property is transferred for consideration to two or more persons and such consideration is paid out of a fund belonging to them in common, they are, in the absence of a contract to the contrary, respectively entitled to interests in such property identical, as nearly ..... to the case of the defendants in view of the admissions made by the defendants in their income-tax and wealth tax matters which clearly show that their contribution was not more than one- fourth share in any event. ..... is not applicable to the facts of the present case because admittedly the defendants have filed the income-tax and wealth-tax returns which contain the admission regarding their shares and the contribution made by them towards requiring of the ..... he has contended that the income-tax assessment orders and wealth- tax assessment orders which are based on the income-tax and wealth-tax returns filed by the parties are ..... own separate business and they were themselves filing the returns of income.tax and wealth-tax in which they set up only one-fourth share each for themselves ..... showing that any amount had been withdrawn by chiranjilal or any amount bad been contributed towards the construction of the house he admitted that he and his wife are assessed to income-tax and wealth-tax since 1964 and they have been filing the income .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]170ITR181(AP)
..... it is submitted that the revenue cannot be permitted to collect tax on the basis of the assessment orders under the wealth-tax act relating to the earlier years and, at the same time, take a contrary stand in the present proceedings under the income-tax act. ..... may be the principle contended for is unobjectionable ; but, there is no material in this case, nor was any material placed by the assessee before the tribunal, to show that tax assessed under the wealth-tax act for the earlier assessment years has been collected by the revenue. ..... assessee, is that the tribunal was in error in holding that the assessment orders under the wealth-tax act for the assessment years 1966-67 to 1973-74 were made 'on a protective basis'; on the other hand, the said assessments were made on a regular basis, accepting the wealth returned by the assessee, and that the said assessment orders under the wealth-tax act completely and fully explain the investments during the accounting year relevant to the assessment year ..... the filing of the returns suddenly on october 9 and 10, 1974, was the result of a notice issued under section 139(2) by the income-tax officer on september 25, 1974, for the assessment year 1974-75. ..... three questions are stated for our opinion by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961. .....
Tag this Judgment!Court : Kerala
Reported in : [1988]169ITR84(Ker)
..... 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). ..... be to refuse to give effect to the words 'subject to the other provisions of this act' in section 3, to ignore the maxim generalia specialibus non derogant and to deny mandatory force and effect to the provisions enacted in section 21......it must, therefore, be held to be incontrovertible that whenever a trustee is sought to be assessed, the assessment must be made in accordance with the provisions of section 2 (...the revenue has thus two modes of assessment available for assessing the interest of a beneficiary in the trust ..... the removal of doubts, it is hereby declared that the price or other consideration for which any property may be acquired by or transferred to any person under the terms of a deed of trust or through or under any restrictive covenant in any instrument of transfer shall be ignored for the purpose of determining the price such property would fetch if sold in the open market on the valuation ..... the corpus is held on trust for various objects, some of which are of a public charitable nature and others not, is any exemption to be granted the view contended for by learned counsel for the revenue is that unless all the objects of the trust are of a public charitable nature, the corpus would not qualify for exemption. .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)
..... , the definition of 'capital assets' under section 2(14) of the income-tax act, 1961, and 'assets under section 2(e) of the wealth-tax act, 1957. ..... however, any subsequent sale, exchange or transfer of such gold within the meaning of section 2(47) of the income-tax act would attract capital gains tax in respect of capital gain arising from such sale, exchange or transfer. ..... in clause (5) of the said notification it was also provided that the gold bond would be exempt from wealth tax and capital gains arising from its sale or transfer.6. ..... if its nomenclature has not been changed and if it remained as it was in the past, and if even the provision with regard to the exemption remained on the statute book till 31.3.1993, the question is whether the revenue can be permitted to say that the gold bond had lost its important characteristics and, therefore, it did not remain national defence gold bond, 1980 after its date of maturity. ..... commissioner of income tax, tamil nadu-v reported in : [1983]144itr886(mad) the court observed like this:'section 45 of the i.t.act enacts that tax under the head 'capital gains' shall be payable on any profit or gain arising from the transfer of a capital asset. ..... however, any subsequent sale, exchange or transfer of such gold within the meaning of section 2(47) of the income tax act would attract capital gains tax in respect of capital gains arising from such sale exchange or transfer. .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)122CTR(Cal)21,[1994]209ITR343(Cal)
..... in the absence of any provision in the income-tax law corresponding to section 23(3a) of the wealth-tax act, 1957, the first question raised by the revenue in this reference is answered in the affirmative and in favour of the ..... may also be noted that when an appeal is heard by the commissioner of income-tax (appeals) under section 23 of the wealth-tax act, 1957, and one of the questions involved in the appeal relates to the valuation of any asset, the commissioner of income-tax (appeals) is required to give a notice of hearing to the departmental valuation officer under sub-section (3a) of section 23 of the wealth-tax act, 1957. ..... report of the district valuation officer obtained under section 16a(5) of the wealth-tax act, 1957, is wholly irrelevant as this was not a case of assessment under the wealth-tax act. ..... of cost of construction of the annexe building was also referred by the income-tax officer to the district valuation officer under section 16a(5) of the wealth-tax act, 1957. ..... income-tax officer referred the question of valuation of the cost of construction of the main building to the district valuation officer (dvo) under section 16a(5) of the wealth-tax act, 1957. ..... the tribunal is also required to give a notice to the departmental valuation officer before disposing of an appeal under section 24(5) of the wealth-tax act, 1957.11. ..... the income-tax officer had held that, by reason of there being no effective transfer of the flats, the appellant continued to be the owner of the .....
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