Court : Supreme Court of India
Reported in : AIR1973SC623a; [1973]88ITR47(SC); 1973MhLJ651(SC); (1973)3SCC346; [1973]2SCR1050
..... they arise from a reference under section 27(1) of the wealth tax act, 1957 (to be hereinafter referred to as the act). ..... , : [1969]74itr49(sc) a question arose whether section 3 of the expenditure-tax act, 1957, which reads :(1) subject to the other provisions contained in this act, there shall be charged for every financial year commencing on and from the first day of april, 1958, a tax (hereinafter referred to as expenditure-tax) at the rate or rates specified in the schedule in respect of the expenditure incurred by any individual or hindu undivided family in the previous year....brought within the net of taxation a mappilla marumakkattayam family. ..... whether the property held by the trustees under the indenture of trust dated 11-6-1941 is held for any public purpose of a charitable or religious nature in india within the meaning of section 5(1)(i) of the wealth-tax act ?the high court has answered both these questions in favour of the department and against the assessees. ..... we, accordingly, agrees with the high court and hold that the trustees of the trust, with which we are concerned in these appeals, constitute an assessable unit under the provisions of the act.15. ..... we are in agreement with that view. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1973SC2335; [1973]88ITR417(SC); (1972)4SCC376; 1972(4)LC432(SC)
..... all these appeals arise from the decision of the bombay high court in a reference under section 27 of the wealth tax act, 1957. ..... and advancement in life and otherwise for the benefit of the settler and his wife (provided such wife is born before the date of these presents) in such manner as to enable the settler to live as far as possible with the same comforts and to enjoy life in the same manner as he is accustomed to do and in case of any surplus income at the end of any year to accumulate the same for a period of eighteen years from the date hereof ..... sen has laid emphasis on the language of section 7(1) of the act and has contended that the right to a share in the income is not capable of any valuation and the price which it would fetch, if sold in the open market, could not possibly be ascertained. ..... such an argument was fully examined in the bombay case in which the high court referred to the provisions of the english statutes, which were in pari materia, as also decisions given by the english courts including the one by the house of lords in commissioners of inland revenue v. ..... it is a hypothetical case which is contemplated and the tax officer must assume that there is an open market in which the assets can be sold.5. mr. ..... the latter appeals have become infructuous as the certificates by which they have been brought are not supported by any reason. ..... the relevant portion of the trust deed which came up for consideration by the tribunal as well as the high court reads thus :2. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1991SC1866; (1990)84CTR(SC)35; [1990]18ITR34(SC); JT1990(3)SC476; (1990)3SCC624; [1990]2SCR886
..... these appeals, by certificate granted by the high court under section 29(1) of the wealth tax act, 1957, (hereinafter referred to as 'the act') are directed against the judgment of the high court of allahabad dated february 2, 1982 in wealth tax reference no. ..... or standing trees on such land; (ii) any building owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land:provided that the building is on or in the immediate vicinity of the land is a building which the cultivator or the receiver of rent or revenue by reason of his connection with the land requires as a dwelling house or a store-house or an outhouse; (iii) animals; (iv) a right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any ..... in that case the respondent assessee had obtained on lease from government certain salt pans under two agreement dated january 1, 1943 and january 1, 1945, and each lease was to endure for 25 years but was liable to be determined by notice on either side at the close of any salt manufacturing season. ..... the high court was of the view that the said tenancy is an asset, as defined in section 2(e) of the act and is not excluded under sub-clause (v) because the said interest has been available to the assessee for a period exceeding six years from the date the new contract of tenancy came into existence.7. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [2000]243ITR676(SC); JT2000(4)SC622; 2000(3)SCALE391; (2000)4SCC179
..... trust fund cannot be said to have been held in trust for charitable or religious purposes in india and the assessee-trust is, therefore, not entitled to exemption under section 5(1)(i) of the wealth-tax act, 1957 in respect of the corpus of the trust fund?the high court on construction of the trust deed and section 5(1)(i) of the act held that all the objects and purposes of the trust were intended to be performed outside india and neither the resolution of the trustees nor the ..... assets, and such assets shall not be included in the net wealth of the assessee:(i) any property held by him understructure other legal obligation for any public purpose of a charitable or religious nature in india; provided that nothing contained in this clause shall apply to any property forming part of any business not being a business referred to in clause (a) or clause (b) of sub-section 4(a) of section 11 of the income tax act in respect of which separate books of account are maintained or a business carried on by an institution, fund ..... but having regard to the nature of the present proceedings the question of invoking doctrine of cypres does not arise, therefore, we do not propose to deal with that aspect.12. ..... the nizam of hyderabad created a trust with a corpus fund of rs. ..... the appeals are without any merits and they are accordingly dismissed with costs. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2005SC4000; (2005)197CTR(SC)590; 2005(192)ELT3(SC); [2005]277ITR435(SC); JT2005(8)SC50; (2005)7SCC294; 2005(2)LC1425(SC)
..... facts which lie within a very narrow compass are as follows:in respect of assessment years 1984-85 to 1991-92, the assessee was liable to pay tax under assessment orders passed vide section 143(3) of the income tax act, 1961 and also under the assessment orders passed under the wealth tax act, 1957.being aggrieved by the assessment orders, the assessee herein, preferred appeals to the commissioner (a) under section 246 of the said act. ..... per contra, shri m.l.varma, learned senior counsel appearing on behalf of the assessee submitted that revisions and appeals were filed by the assessee along with the condonation applications; that, however, declarations pertaining to the assessment years covered by the appeals under sections 246 were accepted by the designated authority (for short 'da') under the scheme though the applications for condonation of delay were pending decision whereas the da rejected the ..... scheme was not to create artificial pendency of litigation; that the revisions were not pending on 1.9.1998 when the scheme came into force as the revisions were filed in november and december, 1998 along with applications for condonation of delay and consequently, such revisions did not come within the meaning of the word 'pendency' as mentioned ..... matters, government found that large number of cases were pending at the recovery stage and, therefore, the government came out with the said scheme under which it was able to unlock the frozen assets and recover the tax arrears. 10. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1993]199ITR7(SC)
1. the question raised in these appeals which are under the wealth- tax act, 1957, is whether the liability for payment of gratuity to employees in terms of the kerala industrial employees (payment of gratuity) act, 1970, is deductible as a debt owing on the valuation date. the high court has applied the decision of this court in the case of standard mills co. ltd. v. cwt : [1967]63itr470(sc) sc, the principle of which was reiterated; in bombay dyeing and . v. cwt : [1974]93itr603(sc) (sc). learned counsel for the appellants seeks to persuade us to reconsider the decision in the case of standard mills co. ltd. : [1967]63itr470(sc) . apart from the fact that we see no reasons to doubt the correctness of this decision which has held the field for about 25 years and has also been reaffirmed in the subsequent decision of this court, we are also informed that the stakes involved in the present appeals are only a few hundred rupees each. in these circumstances, we do not think that there is any justification to think of reconsidering the said decision. the appeals, therefore, fail and stand dismissed. there will be no order as to costs.
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC2831; [1997]227ITR356(SC); JT1997(6)SC45; 1997(4)SCALE469; (1997)11SCC56; [1997]Supp1SCR555
..... act is as under:whether on the facts and in the circumstances of the case, the appellate tribunal is right in law in holding that the assessee trust is exempt from the wealth tax under section 21-a of the wealth tax act, 1957?4. ..... act') for the assessment years 1971-72, 1972-73 and 1973-74 and wealth tax reference under section 27(1) of the wealth tax act, 1957 (for short 'the w.t. ..... whether, on the facts and in the circumstances of the case, the tribunal is right in law in holding that the interest income of the assessee trust is exempt from tax under section 11 read with first proviso to sub-section (1) of section 13 of the income tax act, 1961 ?the question on which reference was sought under the w.t. ..... to us it appears the answer is quite obvious that such a mandate in the trust deed should have existed before april 1, 1962 and could not have been brought in by amending the trust deed at a later stage after that crucial date even if the trust deed so authorised the trustees to amend the trust deed to bring in the mandatory condition or requirement for them to invest funds of the trust in a concern in which they might be interested. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1995SC140; [1994]206ITR688(SC); JT1994(1)SC339; 1994(1)SCALE348; (1994)2SCC534; [1994]1SCR537
..... referred to the high court read as follows"whether on the facts and the in the circumstances of the case and on the interpretation of section 5(1-a) of the wealth tax act, 1957, the appellate tribunal is right in law in holding that the assessee is entitled to exemption of rs. ..... 37 of 1976; 30, 60 and 63 of 1977 and 141 of 1979 by which the high court answered the questions referred to it at the behest of the department under the provisions of wealth tax act, 1957, hereinafter the 'act', in favour of the department. ..... hundred and fifty thousand rupeesprovided that where the assets include any assets referred to in clause (xv) or clause (xvi) not being deposits under the post office savings bank (cumulative time deposit) rules, 1959, which have been held by the assessee continuously from a date prior to the 1st day of march, 1970 and the value of assets so included exceeds the limit of one hundred and fifty thousand rupees by an ..... , appearing for the department, brings to our notice (to satisfy our mind in this regard) that even the investment in shares in joint stock companies [which would have attracted clause (xxiii) which is one of the clauses specified in respect of sub-section (1-a) of section 5] was to the extent of rs. ..... on being satisfied that the questions answered by it raise a substantial question of law of general importance on which a pronouncement by this court is necessary, it certified the cases as fit for appeal to this court on prayer being made by the counsel of .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1964]52ITR605(SC)
..... 27 of 1957 (hereinafter referred to as the act) and prayed for the quashing of the wealth-tax assessments made in these ..... five writ petitions challenged the constitutionality of the wealth-tax act, no. ..... . on the second question, the high court held that though the contention under article 14 had not been taken in the petitions before it in the form in which it was presented at the time of argument, it was open to it to go into the question in view of certain adjournments granted to the parties in this connection and also in view of the fact that the matter had been fully ..... the main contentions of the respondents before the high court with respect to the constitutionality of the act were two-fold, namely - (1) that parliament was not competent to include hindu undivided families in the charging section 3 of the act in view of the provision in entry 86 of list 1 of the seventh schedule to the constitution and (2) that the provision relating to hindu undivided families was discriminatory and denied equal protection of laws and was, therefore, hit by article 14 ..... the main contention under this head before the high court was that the act though it subjected hindu undivided families to a tax under section 3 thereof made no provision for muslim mopla tarwads which were also undiv 4 ..... the high court itself pointed out that there was no averment on behalf of the writ petitioners before the high court (now respondents before us) on the lines on which the argument finally developed at the hearing .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [2002]254ITR551(SC)
..... whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was correct in law in holding that the right to wear the jewellery is not an asset so as to be assessed under section 21(1) of the wealth-tax act, 1957, in the hands of the trust representing the beneficiary, even after the retrospective amendment of section 5(1)(viii) of the wealth-tax act, 1957, by the finance (no. ..... it is enough to say that, having regard to such difference, a question of law does arise which requires the consideration of the high court.5. ..... in its view, the question was covered by an earlier decision which it quoted.4. ..... 2, which reads thus (page 233):'2. ..... 2) act, 1971 ?'3. .....
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