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 : 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 : 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 : Gujarat
Reported in : [2001]251ITR514(Guj)
..... 85 to 87/ahd of 1983 for the assessment years 1977-78 to 1979-80 has been referred for the opinion of this court by the income-tax appellate tribunal : 'whether the provisions of section 21(4) of the wealth-tax act, 1957, cannot be applied in the case of the assessee-trust and whether its wealth has to be taxed at the appropriate rate and not at the rate it was charged by the wealth-tax officer ?' 2. ..... the income-tax act it was accepted that the trust was a discretionary trust and individual shares of the person in whose behalf or for whose benefit the income or any part thereof is receivable by the trust were indeterminate and it fell within section 164(1) which, inter alia, provides that on the receipt of income of any such trust is to be charged as an association of persons or at the rate of 65 per cent, on the income whichever course would be more beneficial to the revenue. ..... whichever course would be more beneficial to the revenue : provided ... ..... determined under the income-tax act relating to application of rate under section 164(1) to be applied to the income received by the trustees of the trust governed by section 164(1) was not applicable, without considering the fact that exclusion from the applicability of the rate provided under section 164(1), at which income-tax was to be calculated, was made because the case fell within clause (i) to the proviso of section 164(1) whereas no corresponding provision exist under the wealth-tax act during the assessment .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]259ITR149(Guj)
..... kasturbai walchand : [1989]177itr188(sc) , the apex court has held that where an appeal is filed (even by the revenue) before the appellate tribunal against an order of the appellate assistant commissioner, the impugned order merges in the order of the appellate tribunal when the appeal is disposed of on the merits and then the revision under section 25 of the wealth-tax act would not lie against the order of the appellate assistant commissioner even at the instance of the assessee ..... . lastly and very significantly, the fact that the revenue had accepted the interpretation placed by the assessee on the provisions of section 95(i)(c) and the declarations of the assessee under this very kvss in belated appeals filed under the income-tax act as well as the wealth-tax act, wherein the amounts of tax, interest and penalty involved were much higher, also tilts the case in favour of the assessee. 63 ..... . 2) act, 1998, along with interest payable by the petitioner on the amounts as ascertained under the kvss at the rate/s applicable to the outstanding dues payable by the assessee under the provisions of the income-tax act, 1961/wealth-tax act, 1957, as the case may be, for the period from march 9, 1999, to september 9, 2002, and also requiringthe petitioner to pay interest at the same rate for the period from september 10, 2002, till the date of payment. 73 .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)221CTR(Guj)423; [2009]313ITR192(Guj)
..... parikh, learned standing counsel appearing for the revenue, has submitted that section 19(1) clearly states that, where a person dies, his executor, administrator or other legal representative shall be liable to pay out of the estate of the deceased person, to the extent to which the estate is capable of meeting the charge, the wealth-tax assessed as payable by such person, or any sum, which would have been payable by him under this act if he had not died. ..... cwt 0065/1997 : [1997]228itr372(patna) , wherein it is held that a bare perusal of sub-section (1) of section 14 of the wt act, 1957, makes it clear that under the said sub-section, a person is assessable to payment of wealth-tax on his own net wealth. ..... all these five tax appeals are filed by the revenue under section 27a of the wt act, 1957, raising the substantial question of law for determination and consideration of this court. ..... having considered the relevant statutory provisions contained in the wt act, 1957 as well as legal authorities referred to and relied upon by the parties before the court, we are of the view that in absence of any contrary decision on the issue and that there is no scope for any other interpretation of sections 19(1) and 19(3) of the act under which the legal representative is made liable to penalty under sections 18(1)(a), 18(1)(c) and 15b of the act, no question of law, much less any substantial question of law .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]101ITR626(Guj)
..... thereafter, at the instance of revenue, the following fives questions have been referred to us for our opinion : '(1) whether, on the facts and in the circumstance of the case, the tribunal was right in holding that the assessment should be under section 21(1) and not under section 21(4) of the wealth-tax act, 1957 (2) whether, on the facts and in the circumstances of the case, the trustees are liable to be taxed on the total wealth of the trust minus the ..... the reversioners arrived at by the valuers (5) whether, on the facts and in the circumstances of the case, the interest of life-tenant and the remainder man having been taxed separately in the hands of the life-tenant and the trust respectively and by so doing the total of the value of the two interests having fallen short of the net wealth of the trust, the balance is liable to be taxed to wealth-tax in the hands of the trust under section 21(4) of the wealth-tax act, 1957 ?' 3. ..... contended on behalf of the assesses that the provision of law which applied to this case was section 21(1) of the wealth-tax act and not section 21(4) of the wealth-tax act and it was contended that in the light of the decision of this high court in padamavati ..... male child dying before the said arundhati, wife of balkrishna harivallabhdas, shall take the share which such male child would have taken had he been alive to be divided, paid and transferred to them when and as soon as the youngest of the said male children attains the age of majority.' 4. .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)0GLR431; [1964]54ITR749(Guj)
..... this is a reference under section 27 of the wealth-tax act, xxvii of 1957. ..... the tribunal therefore made the present reference at the instance of the commissioner of wealth-tax and the question of law that has been referred to us is as follows : 'whether, on a proper interpretation of section 5(1)(xvi) of the wealth-tax act, the assets representing the aforesaid savings certificates which are not in the name of the assessee but of which the assessee was the beneficial owners are exempt from wealth-tax ?' 5. ..... it is however to be noted that the exemption embodied in section 5(1)(xvi) of the wealth-tax act is restricted to the actual holding of the assessee. ..... post office rules and under the government rules the owners of such certificates would be the persons in whose names such certificates stood and, therefore, such certificates could not be included in the net wealth of the assessee, and (2) in the alternative, that if it were held that the assessees were the owners of these certificates then these certificates must be treated as having been held by the assessees within the meaning of section 5(1)(xvi) of the wealth-tax act. ..... this amount, therefore, cannot enjoy the exemption prescribed by section 5(1)(xvi) of the wealth-tax act. ..... 3,85,000 which are claimed to be exempt under section 5(1)(xvi) of the wealth-tax act. ..... the assessee claimed exemption from wealth-tax in respect of these certificates and relied therefore on section 5(1), clause (xvi) of the act. .....
Tag this Judgment!Court : Gujarat
Reported in : [1991]192ITR120(Guj)
..... the provisions of section 7 of the wealth-tax act provide for determination of the value of a property on the basis of its fair market value, i.e. ..... new municipal committee : [1980]122itr700(sc) , the supremn court held that the annual value of a building, for the purposes of house tax, whether under section 3(1)(b) of the punjab municipal act, 1911, or under section 116 of the delhi municipal corporation act, 1957, is limited to the measure of standard rent determinable on the principles laid down in the rent control act and it cannot exceed such a measure of standard rent. ..... the tribunal, therefore, rejected the revenue's contention that the annual letting value of the self-occupied property, for the purpose of income-tax, ought to be determined on the basis of the value disclosed in the wealth-tax return. ..... as the income-tax officer had failed to adopt the correct value of the property which was in the occupation of the assessee, in the opinion of the commissioner, the assessment made by the income-tax officer was erroneous and prejudicial to the interest of the revenue to the extent of the value of the self-occupied property. ..... 1 and 2 in the negative and against the revenue, and question no. ..... 3 in the affirmative and against the revenue. .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]100ITR447(Guj)
..... he contended that under section 3 of the wealth-tax act the hypothetical market value as of the relevant valuation date has to be reached and under the wealth-tax rules, 1957, under rule 1d provision has been made for market value of unquoted equity shares of companies, other than investment companies, and managing ..... kaji for the revenue relied upon certain provisions in the wealth-tax rue in support of ..... the assessee had also contended before the gift-tax officer that there should be further reduction in value of the shares as the allotted shares were transferred ex-right only, that is, the assessee do not transfer his right of getting new shares on payment of pounds 10 ..... board of revenue has made rules called the gift-tax rules, 1958, in exercise of the powers conferred upon it by section 46 of the gift-tax act. ..... and hence the tribunal was right when it took into consideration for the purpose of arriving at the value of the shares by the break-up method, the balance-sheet as of march 31, 1963, and not, as the revenue was contending for, the balance-sheet as of march 31, 1964. 17. mr. ..... in this reference at the instance of the revenue the following two questions have been referred to us for our opinion : '(1) whether, on the facts and in the circumstances of the case, the finding of the tribunal based on the ratio of the case decided by the ..... thereafter, at the instance of the revenue the two questions which we have set out at the commencement of the judgment have been referred to us .....
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