Court : Mumbai
Reported in : [1968]69ITR577(Bom)
..... this is a reference under section 27(1) of the wealth-tax act, 1957, arising out of the wealth-tax assessments of the assessee for the assessment years 1959-60 and 1960-61, for which the corresponding valuation dates were march 31, 1959, and march 31, 1960, respectively. ..... our opinion, therefore, the view taken by the appellate assistant commissioner and the tribunal that the right of the assessee to receive the payment specified in clause 14(i)(c) of the agreement was exempt from the payment of wealth-tax and not liable to be included in the net wealth of the assessee under section 5(1)(vii) of the wealth-tax act. 19. ..... the answer to the second question is in the negative, whether, on the facts and in the circumstances of the case, the capitalised value of the assessee's right was not an asset includible in her net wealth in view of section 2(e)(iv) of the wealth-tax act ?' 6. ..... vithal died on the 23rd january, 1959, and in the wealth-tax assessment of the present assessee for the assessment years 1959-60 and 1960-61, the wealth-tax officer included the capitalised value of the right of the assessee under sub-clause (c) of clause 14(1) of the agreement in the computation of her net wealth and subjected it to wealth-tax. ..... secondly, it was contended that the right was exempted from the payment of wealth-tax and from inclusion in the computation of the net wealth under section 5(1)(vii) since it was a right to receive a pension or other life annuity in respect of past services under an .....
Tag this Judgment!Court : Mumbai
Reported in : [1977]109ITR13(Bom)
..... under section 3 of the wealth-tax act, which is a charging section, the wealth-tax would be leviable in respect of the net wealth of every individual, hindu undivided family and company on the corresponding valuation date at the rate or rates specified in the schedule. ..... and nanubhai industries are concerned, the question whether they are agricultural lands and, therefore, they are exempt under section 2(e)(i) of the wealth-tax act is required to be answered only for the assessment year 1960-61 and so far as the land sold to ciba of india is concerned, the same question will arise for the assessment year 1961-62. 5. ..... section 2(m) defines the 'net wealth' to mean the amount by which the aggregate value computed in accordance with the provisions of the act (the wealth-tax act) of all the assets, wherever located, belonging to the assessee on the valuation date is in excess of the aggregate value of all the debts owed by the assessee on the valuation date, subject to certain exceptions, with which we are not concerned and section 2(e) gives an inclusive definition of the expression 'assets', namely, it includes property of every description, movable ..... and nanubhai industries were agricultural lands and, therefore, exempt under section 2(e)(i) of the wealth-tax act for the year 1960-61 and that the lands sold to ciba of india were also agricultural lands and, therefore, exempt under section 2(e)(i) of the wealth-tax act for the year 1961-62 is correct. .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]115ITR211(Bom)
..... it cannot be disputed that the wealth-tax act, 1957, was put on the status book for the purpose of bringing to tax the wealth of an assessee; in other words, unless the wealth which was purported to be taxed belonged to the assessee as its or his wealth, the tax was not intended to be levied, if this primary object of enactment is kept in view, it will appear clear that even the provisions of section 45 as they stood prior to its amendment would clearly show that the legislature wanted to create an exemption by providing that ..... in this reference made to this court by the tribunal and the section 27(1) of the wealth-tax act, 1957, two questions have been referred to us for our opinion which runs thus : '(1) whether, on the facts and in the circumstances of the case, the assessment made in the status of individual under wealth-tax act against the assessee in its representative capacity as trustees, in respect of the value of the trust estate which invested in them, minors the value of the life interest of the beneficiaries which ..... under section 3, it has been provided that subject to the provisions contained in this act, there shall be charged for every assessment year commencing on and from the very first day of april, 1957, 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 schedule. .....
Tag this Judgment!Court : Mumbai
Reported in : 1992(3)BomCR645; [1994]208ITR958(Bom)
..... section 23(4) of the wealth-tax act, 1957, the appellate commissioner may, '(a) at the hearing of an appeal, allow and appellant to go into any ground of appeal, not specified in the grounds of appeal; (b) before disposing of an appeal, make such further inquiry as he thinks fit or cause further inquiry to be made by the wealth-tax ..... this reference under section 27(3) of the wealth-tax act, 1957, deals with the assessment years 1962-63, and 1963-64 and 1964-65, the corresponding valuation dates march 31, 1962, march 31, 1963, and ..... the present reference is concerned, the relevant powers of the appellate assistant commissioner and the appellate tribunal are set out in sections 23 and 24 of the wealth-tax act, 1957. ..... of the case, the tribunal was right and justified in law in not permitting the assessee to raise before it additional ground that the learned wealth-tax officer erred in including the total value of assets in ashok kumar birla trust instead of the capitalised value of his interest in the income of the said trust as per the provisions of the trust deed, as forming part of his wealth for the purpose of assessment under the wealth-tax act, 1957 ?' 12. ..... similarly, the applicant had included in his net wealth the total value of the assets of the ashok kumar birla trust instead of the capitalised value of his interest in the income of the trust ..... relevant assessment years, the applicant had included in his net wealth the total wealth the total value of the assets of the shri r. .....
Tag this Judgment!Court : Mumbai
Reported in : (1995)126CTR(Bom)62; [1996]217ITR537(Bom)
..... the assessee filed its return of wealth under the wealth-tax act, 1957 ('the act') for the assessment year 1977-78 on may 15, 1979, showing a net wealth of rs. ..... for the reasons set out above, we are of the clear opinion that the assessee-hindu undivided family was entitled to exemption under section 5(1)(iv) of the wealth-tax act, 1957, in respect of the house properties of messrs. ..... bhaskara krishnappa, : [1966]3scr400 , has no application in determining the controversy in regard to the claim of the assessee for exemption under section 5(1)(iv) of the act, in view of the scheme of the wealth-tax act, which provides for inclusion of the value of interest of the assessee in the firm or the association of persons 'determined in the prescribed manner'. ..... by this reference made under section 27(1) of the wealth-tax act, 1957, at the instance of the revenue, the income-tax appellate tribunal ('the tribunal') has referred the following question of law to this court for opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the assessee-hindu undivided family was entitled to exemption under section 5(1)(iv) of the wealth-tax act, 1957, in respect of the properties of mohatta bros. .....
Tag this Judgment!Court : Mumbai
Reported in : (2008)110BOMLR1106; (2008)217CTR(Bom)531; [2008]300ITR193(Bom)
..... of this act shall so far as may be apply as if the return were a return required to be furnished under section 14.provided that where an assessment under sub-section (3) of section 16 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any net wealth chargeable to tax has escaped assessment for such assessment year by reason of the 7 failure on the part of the assessee to make a return under section 16 or this section ..... or to disclose fully and truly all material facts necessary for his assessment for that assessment year.the crucial words are 'and the provision of this act shall so far as may be apply as if the return were a return required to be furnished under section 14'. .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]112ITR229(Bom)
..... before the appellate assistance commissioner by the original assessee it was claimed on the original assessee that life interest which he had under the agreement dated may 20, 1958, fell under section 2(e)(iv) of the wealth-tax act, 1957, and as such no charge of wealth-tax was leviable as the same could not be regarded as an asset. ..... the question that has been referred to us for our determination in this referred under section 27(1) of the wealth-tax act, 1957, runs as under : 'whether, on the facts and in the circumstances of the case, the ..... in the circumstances, we feel that the provisions of section 2(e)(iv) of the wealth-tax act, 1957, are clearly attracted and the question referred to us is, therefore, answered in the affirmative, in favour of the ..... the material provision of the wealth-tax act, 1957, is to found in section 2(e)(iv) of the act and the said provision for the relevant years ran ..... that were carried to the appellate tribunal the self-same contentions were urged on behalf of the original assessee and after referring to the material provision contained in section 2(e)(iv) of the wealth-tax act, 1957, and after referring to the provisions of agreement dated may 20, 1958, and the decision of the gujarat high court in the case of commissioner of wealth-tax v. dr. e.d. ..... therefore, took the view that the annuity arising to the assessee under the terms of the agreement dated may 20, 1958, was one covered by the exemption under section 2(e)(iv) of the wealth-tax act, 1957. .....
Tag this Judgment!Court : Mumbai
Reported in : [1987]169ITR294(Bom)
..... it was in the context of the second proviso that the supreme court said thus (at page 484) :'since the act (that is, the wealth-tax act, 1957), came into force on april 1, 1957, the financial year 1957-58 was the first assessment year for which tax became chargeable, land, consequently, for the purposes of the second proviso to section 5(1)(xxi), the assessment year following the commencement of operations for establishment of the unit in the case of any company which commenced the ..... (1) 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 -... ..... (xxi) that portion of the net wealth of a company established with the object of carrying on an industrial undertaking in india within the meaning of the explanation to clause (d) of section 45, as is employed by it in a new and separate unit set up after the commencement of this act by way of substantial expansion of its undertaking...... ..... ramaraju surgical cotton mills limited : [1967]63itr478(sc) , accepted the contention that 'so far as the assessee is concerned, the wealth-tax act, though it came into force from april 1, 1957, it is the specific net wealth on the valuation date that was computed and taxed'. .....
Tag this Judgment!Court : Mumbai
Reported in : (1991)97CTR(Bom)150
..... in this department reference relating to the assessee's wealth-tax assessments for assessment years 1971-72 and 1972-73, the tribunal has referred to this court the following questions of law for opinion under section 27(1) of the wealth-tax act, 1957 : '1. ..... govindji kotak : [1990]186itr91(bom) , the loans, in so far as they are taken on the security of assets not chargeable to wealth-tax, wholly require to be disallowed under section 2(m)(ii) of the wealth-tax act, 1957. ..... 045 and raised by the assessee on the security of his life insurance policy, motor car and shares were deductible as debts in the computation of his net wealth and were not hit by sub-clause (ii) of clause (m) of section 2 of the wealth-tax act 2. ..... lakh - and the house property is, therefore, wholly exempt from tax under section 5(1)(iv) of the wealth-tax act - the amount of loan will have to be excluded, as it will be hit by the provision of section 2(m)(ii). ..... 500 notbank allowed as theyoverdraft : 1,50,000 1,95,550 were secured againstproperty not liableto wealth-tax andshares to the extentof rs. ..... 000 notliable to wealth-tax. ..... 550 and raised by the assessee on the security of his life insurance policy, house property and shares were deductible as debts in the computation of his net wealth and were to not hit by sub-clause (ii) of clause (m) of section 2 of the wealth-tax act ?' 2. ..... lakh that is wholly exempt, then the loan amount will not be excluded under section 2(m)(ii); otherwise, it will have to be excluded. .....
Tag this Judgment!Court : Mumbai
Reported in : [1988]173ITR529(Bom)
..... person has either paid or made satisfactory provision for payment of all existing liabilities under this act, the excess profits tax act, 1940 (15 of 1940), the business profits tax act, 1947 (21 of 1947), the indian income-tax act, 1922 (11 of 1922), the wealth-tax act, 1957 (27 of 1957), the expenditure-tax act, 1957 (29 of 1957), the gift-tax act, 1958 (18 of 1958), the super profits tax act, 1963 (14 of 1963), and the companies (profits) surtax act, 1964 (7 of 1964); or (b) the registration of the document will not prejudicially affect the recovery of any existing ..... 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. ..... whether the two trust the registration is invalid fordeeds are validly registered and failure to comply with sectioineffective in law 230a of the present act.thedeeds are not effective iniaw.2(b). ..... accordingly, i return a negative finding on issue no. 2(a).12. ..... i return a finding to this effect on issue no. 2(b). .....
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