Court : Chennai
Reported in : [2000]243ITR509(Mad)
..... the circumstances of the case, the appellate tribunal is right in law in holding that the house, the superstructure 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. ..... 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. ..... appellate authority and the tribunal have held that section 7(4) of the wealth-tax act is the appropriate provision to be applied for ..... 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 ..... 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 ..... undivided family assessee has been leased by krishnamurthy to put up 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. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... 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 ..... 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 ..... - (1) in computing the net wealth of an individual, there shall be included, as belonging to him - (a) the value of assets which on the valuation date are held - (i) by his wife to whom such assets have been transferred by the individual, directly 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 ..... in that case an insurance committee, acting under the national insurance acts, 1911 and 1913, and the regulations made thereunder, entered into agreements with the panel doctors of their district by which the amounts received by the committee from the national insurance commissioners were to be pooled and distributed among the panel doctors in accordance with a scale of fees; the total amount available for medical benefit so received by the committee .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626
..... of section 3 of the wealth tax act is contrasted with the provisions of other cognate statutes it will clearly appear that the intention of the legislature was not to treat an association of persons or a body of individuals or a firm as a unit of assessment for the purpose of imposition of wealth tax, there is no other explanation why these units of assessment which have been specifically made taxable under the indian income tax act, 1922, the gift tax act, 1958 and the income tax act, 1961 have been left out of the charging section of the wealth tax act.10. ..... this is an appeal from an order passed by the high court of gujarat in which the following question of law was answered in the affirmative and in favour of the assessee:'whether on the facts and in the circumstances of the case, the appellate tribunal has been right in law in holding that the assessee is not liable to wealth tax under the wealth tax act, 1957 for the assessment year in question?'2. ..... 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. ..... the court thereafter pointed out that this conclusion accorded with legislative history of the taxing statutes in the country. ..... an unincorporated members' club was a society of persons and did not have any existence apart from the members of which it was composed. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... 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 ..... 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. ..... certain assets:-(1) in computing the net wealth of an individual, there shall be included, as belonging to him-- (a) the value of assets which on the valuation date are held-- (i) by his wife to whom such assets have been transferred by the individual, directly 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 ..... in that case an insurance committee, acting under the national insurance acts, 1911 and 1913, and the regulations made thereunder, entered into agreements with the panel doctors of their district by which the amounts received by the committee from the national insurance commissioners were to be pooled and distributed among the panel doctors in accordance with a scale of fees; the total amount available for medical benefit so received by the committee was .....
Tag this Judgment!Court : Delhi
Reported in : AIR1991Delhi325
..... 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 as may be, with the interests to which they were respectively entitled in the ..... defendants 1 & 2, on the other hand, has contended that in the plaint the plaintiffs have not set up the case that there was any agreement between the parties with regard to the share in the property in question and plaintiffs have withhold best evidence with regard to the account books and thus, adverse inference should be drawn that the account books if produced would have shown that there were joint ..... 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 property in ..... he had come over to india cd partition of the country from aukawara mandi district montgomery which has been included in pakistan where he was having a ..... 5 a contention was raised that as there exists a joint lease in respect of the plot in question from the government and the plot cannot be divided in view of the terms of the .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]170ITR181(AP)
..... the assessee filed a further appeal before the income-tax appellate tribunal before the tribunal, the assessee contended that in the assessments made under the wealth-tax act for the earlier assessment years, the wealth returned by him has been accepted by the wealth-tax officer, which clearly shows that the assessee possessed substantial wealth from year to year, and which also shows that the investments made were not our of any unexplained source. ..... now, coming to the assessment orders under the wealth-tax act, which have been printed as part of the record before us, we find that all the assessment orders for the assessment years 1966-67 to 1973-74 contain an express rider which negatives the very basis of the argument addressed by the assessee. ..... three questions are stated for our opinion by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961. ..... in the event of a doubt entertained by the assessing authority as to the correct recipient of the income, a protective assessment on one of the person is blessed with a view to rescue the assessments from the taboo of double taxation and save the bar of limitation. ..... as they are independent enactments, the assessments under both acts for the same assessment year can co-exist without being treaded upon by the principle of double taxation and the estoppel does not operate as her can be no estoppel against stature. .....
Tag this Judgment!Court : Kerala
Reported in : [1988]169ITR84(Ker)
..... the power of the 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). ..... sub-section (5b) of section 23 of the wealth-tax act, 1957, and sub-section (6) of section 250 of the income-tax act, 1961, are identical. ..... it is claimed that a portion of this wealth is held under trust for charitable or religious purposes and is, therefore, exempt from the levy of wealth-tax under section 5(1)(i) of the wealth-tax act, 1957 (the 'act'). ..... according to me, this was the intention of the legislature when in enacting the wealth-tax act, 1957, it omitted the use of the word ' wholly ' as a qualifying word as regards the requirements concerning the objects of the trust when a similar word was to be found in section 4(3)(i) of the indian income-tax act, 1922.'24. ..... cit : [1971]79itr339(all) , with which rulings we are in respectful agreement.' 10. ..... , 'if the right to receive the income is an asset, it belongs to the assessee no matter whether the right is dependent on the existence of some property and springs out of it '.73. .....
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. ..... the income-tax tribunal at the instance of assessee has referred following question of law for opinion under section 27 of the wealth tax act, 1957 (hereinafter referred to as `the act'). ..... thus, it is clear that whatever comes within the definition of assets under the wealth-tax act in its section 2(e) should likewise come under the definition of capital assets unless specifically excluded. ..... 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act') : 'whether, on the facts and in the circumstances of the case, the assessee was entitled to the exemption u/s 5(1)(xvia) in respect of the national defence gold bonds, 1980?'2. ..... shah appearing for the assessee has given details with regard to the circumstances in which the country required gold. ..... '5.6 the learned counsel therefore submitted that after 27th october, 1980, bonds remains bond and the contention of the revenue that bond is not in existence after 1980 is incorrect statement made on the basis of the said circular. ..... we are not in agreement with the submission made by the learned sr. ..... we are not in agreement with the submission made by the learned sr. ..... we are in agreement with the submission made by the learned advocate. ..... now, when the gold bond is issued to a person, there is an agreement between him and the govt. .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)122CTR(Cal)21,[1994]209ITR343(Cal)
..... 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. ..... under the income-tax act, there is no power to make reference to a valuation officer save and except under section 55a of the income-tax act, 1961, which section can be invoked only for the purpose of determining the income chargeable under the ..... , generally, simultaneously with the signing of the agreement for sale. ..... even the contractors had maintained regular books of account, which were audited by chartered accountants and they were also assessed to tax on the profits made on such construction work by their ..... the details of the flat sold, (ii) the price at which it was sold, (iii) the manner in which the price was paid by the purchaser, and (iv) the date on which possession of the flat was given to the purchaser. ..... behalf of the assessee-firm before the commissioner of income-tax (appeals) that,--(a) the assessee-firm had maintained regular books of account which were duly audited by the firm of chartered accountants. ..... (e) the entire construction work save and except the foundation (which, of course, was completed in the financial year 1966-67) was carried out by the assessee-firm through .....
Tag this Judgment!Court : Karnataka
Reported in : (2009)227CTR(Kar)480; [2009]184TAXMAN88(Kar)
..... whether the interest held by the assessee in a body of individuals can be brought to wealth tax in accordance with rules 15 and 16 to 20 of iii schedule to the wealth-tax act read with section 4(1)(a) of the wealth-tax act especially when the hon'ble supreme court in meera and company v. ..... the appellate authorities were correct in holding that the assessee's share in the body of individuals in which he was a member cannot be brought to wealth tax as his share was not determinate on the valuation date?2. ..... appeal is by the revenue challenging the concurrent findings of the commissioner of wealth-tax (appeals)-ii, bangalore which has been confirmed by the income-tax appellate tribunal, bangalore bench in wta 44/bang. ..... questions of law are to be treated as one question and if we are of the opinion that the assessee herein had a definite share which can be ascertained and can be brought into provisions of the wealth tax, findings of the tribunal and the commissioner of wealth tax are to be set aside and if the share of the assessee cannot be determined in terms of the trust deed, then assessee cannot be directed to declare the undetermined share in the return filed under the provisions of the wealth-tax act.7. ..... only surviving members of the body of individuals on determination of the trust deed are entitled to claim share which share has to be determined considering the total number of beneficiaries alive on the date of dissolution of the deed which deed has been dissolved on 12-9-1993. .....
Tag this Judgment!