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 : 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 : 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 : Gujarat
Reported in : [2001]251ITR514(Guj)
..... been 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 years ..... 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. ..... applying the decision which we are told was subsequently affirmed by this court on a reference being made to it, the assessment under the wealth-tax act which was made in the status of an association of persons by applying section 21(4) and tax was computed at 1.5 per cent, on the total value of asset as disclosed by the assessee, was made to conform with levy of tax at the rate prescribed in the schedule and not at the specified rate under section 21(4) is substantially the same, so far as substantive provision is concerned. .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]259ITR149(Guj)
..... . 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 ..... . 2) act, 1998) which declarations were in respect of the 'tax arrears', under the income-tax act and the wealth-tax act determined prior to march 31, 1998, and in respect of which the petitioner's revision applications were pending as on the date of the declarations made before january 31, 1999, which was the extended time limit for making declarations under section 88 of the aforesaid act. 72 ..... . the rate of interest for this purpose would obviously be the rate of interest which the assessee would have been liable to pay under the provisions of the income-tax/wealth-tax act, as the case may be, if the liability of the assessee to pay the amounts in question under the relevant acts arose on march 9, 1999, that is, the 30th day after the passing of the order of the designated authority as contemplated by sub-section (2) of section 90 of the finance (no ..... , existence of tax arrears as on march 31, 1998, which remain unpaid on the date of filing the declaration under section 88--was complied within the instant case. .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)221CTR(Guj)423; [2009]313ITR192(Guj)
..... ]124itr77(all) , wherein it is held that chapter v of the wt act, 1957, deals with liability to assessment in special cases and section 19 provides for situations where a legal representative is either liable to proceedings or is liable to pay the wealth-tax or any sum. ..... 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. ..... [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. ..... 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.under this sub-section, the executor, administrator or other legal representative is liable to pay wealth-tax assessed as payable by the deceased, out of the estate of the deceased, after his death. ..... the existence of an order passed under the act is a prerequisite to accrual .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]101ITR626(Guj)
..... under section 3 of the wealth-tax act, which is the charging section, there shall be charged for every assessment year commencing on and from the first day of april, 1957, a 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 ..... in the light of these two decisions with which we are in respectable agreement, it is clear : (1) that none of the present four cases falls under section and each of the four cases falls under section 21(1); (2) in the light of the valuations arrived at in accordance with the provisions of section 24(6), the value of the interest of the remainder man in each of the three trusts has to be brought to tax in the hands of the trustees if the revenue so desires; and (3) it is equally clear since the case does not ..... they then were, dealt with the provisions of the trust deed which were in identical terms as the trust deed in wealth-tax reference nos. ..... fall under section 21(4), that all of the .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)0GLR431; [1964]54ITR749(Guj)
..... 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. ..... which are claimed to be exempt under section 5(1)(xvi) of the wealth-tax act ..... 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. ..... , it is clear that the legislature have used two different expressions occurring at two different places in the statute with a purpose and with a view to bring out its intention clearly, viz, that the exemption under clause (xvi) was limited to those certificates which were held by the assessee at the relevant, time, that is to say, those certificates which stood in the name of the assessee, and not in respect of certificates standing in the name of another person ..... a reference under section 27 of the wealth-tax act, xxvii of 1957. ..... submitted that since clause (xvi) was an exemption clause in favour of an assessee, that clause be liberally construed, particularly in view of the object of the scheme under which the government of india have issued these certificates, viz, encouraging thrift and economy amongst the people of this country. mr. .....
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. ..... , referred to us, for our opinion, the following questions, under section 256(2) of the act : '(1) whether the commissioner of income-tax was right in law in concluding that the rental value in respect of self-occupied property for the purpose of income-tax ought to be determined on the basis of the value disclosed in the wealth-tax records (2) whether, while the basis for determining the value of property for the purpose of levy of wealth-tax is the fair market value or the notional sale price ..... 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 court did not hold that, even if the actual rent receivable by the landlord from the tenant or the rent which the owner may reasonably expect to receive from a hypothetical tenant were lower than the standard rent determinable in accordance with the principles laid down in the rent control act, the standard rent must still be taken to be the ratable value of the building. 6. .....
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 agency companies ..... these circumstance we have not considered the question before us from the point of view of what has been prescribed with effect from 1967 in the context of the wealth-tax act. 19. ..... it may be pointed out that rule 1d was added even in the wealth-tax rules in 1967 and, even for wealth-tax purpose in 1964, the principle which we have mentioned in connection with the gift-tax act and the gift-tax rules were ordinarily applicable. ..... private documents of the directors (category b documents) were in existence at the date of death indicating that a flotation of part of the capital was under ..... pursuance of this resolution of october 4, 1961, the company issued letters of offer to the existing share-holders regarding the issue of new shares. ..... chairman's speech was not circulated prior to the meeting and there was no evidence that it was in existence at the date of death, namely, may 21, 1962. ..... company was, what is known under the indian companies act, as a private limited company, that, is the articles of association of this company contained restrictive provisions as to the alienation of shares, the alienation being permitted amongst existing share-holders. .....
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