Court : Supreme Court of India
Reported in : [2001]247ITR351(SC); JT2001(1)SC144; 2000(8)SCALE210; [2000]Supp5SCR518
..... : [1969]71itr180(bom) and expressed its concurrence with the view that the charge of wealth-tax under section 3 of the wealth tax act on net wealth included every description of property of the assessee, movable and immovable, barring exceptions expressly ..... clause (m) thereof defines 'net wealth' to mean the amount by which the aggregate value, computed in accordance with the provisions of the wealth tax act, of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under the wealth tax act, is in excess of the aggregate value of all the debts owed by the ..... was referred on the application of the revenue by the income tax appellate tribunal to the andhra pradesh high court under section 27(1) of the wealth tax act. ..... any event, we are in agreement with the high court, and indeed, with the tribunal before it, that even if rule 1b did not apply, the said life interest, if an asset, had still to be valued and be included in the wealth of the assessee, which is what section 7 required. ..... question reads thus:whether on the facts and in the circumstances of the case the appellate tribunal was right in law in upholding the commissioner of income-tax (appeals) order who directed the wealth tax officer to exclude the amount for the assessment year 1977-78 relating to the life interest of the assessee added by the wealth tax officer in accordance with rule 1b of the wealth tax rules, 1957.2. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1977SC113; AIR1977SC113a; [1976]10ITR133(SC); [1976]105ITR133(SC); (1976)3SCC864; [1977]1SCR146
..... . 13. the full bench stated its conclusions on questions of law as follows:(1) the words 'agricultural land' occurring in section 2(e)(i) of the wealth tax act should be given the same meaning as the said expression bears in entry 86 of list i and given the widest meaning; (2) the said expression not having been defined in the constitution, it must be given the meaning which it ordinarily bears in the english language and as understood in ordinary parlance; (3) the actual user of the land ..... in stating the facts of the case with regard to the begum pet property, which, according to a rather surprising agreement between parties, was to be used for reaching an inference applicable to all other lands in the case, the high court said:the property at begumpet was known as 'begumpet palace, ..... is true that, in benoy kumar sahas roy's case : [1957]32itr466(sc) this court pointed out that meanings of words used in acts of parliament are not necessarily to be gathered from dictionaries which are not authorities on what parliament must have meant. ..... in benoy kumar sahas roy's case : [1957]32itr466(sc) the question before this court was whether income from forest lands derived from sal and piyasal trees 'not grown by human skill and labour' could constitute agricultural ..... madras view, that it was enough that the land was capable of being used for agricultural purposes, was no longer good law in view of the pronouncement of this court in benoy kumar sahas roy's case : [1957]32itr466(sc) . .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 2004(1)ARBLR599(SC); 2004(2)JKJ1[SC]; JT2004(5)SC142; 2004(4)SCALE418; (2004)5SCC698
..... the appellant filed an application claiming exemption under section 5(1)(ivx) of the wealth tax act in respect of the articles in question only on 7th february, 1985, after filing of me writ petition ..... ruler's jewellery had been recognized by the central government as his heirloom before the commencement of the wealth tax act; or(b) the central board of direct taxes recognized the ruler's jewellery as his heirloom at the time of his first assessment to wealth tax under the wealth tax act.the appellant did not make any application to the central board of direct taxes to obtain such recognition nor central government had recognized the said articles as heirlooms of the appellant, ..... is why article 363 really embodied the principles of acts of state which regulated and guided the rights and obligations under the covenants or merger agreements by incorporating the doctrine of unenforceability of covenants or merger agreements coming into existence as acts of state.'16. ..... borne in mind that the statements made in the book are not being taken into consideration as conclusive admissions as such but have been taken its additional circumstance along with other circumstances that have already been noticed, for determining whether the conduct of the appellant amounts to waiver and/or abandonment of right in respect of the articles in question ..... the then rulers were required to obtain recognition of jewellery as their heirloom, if any, for purposes of exemption from the wealth tax act, 1957. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1976SC662; [1976]103ITR61(SC); (1976)1SCC996; [1976]3SCR423; 1976(8)LC406(SC); 1976(9)WLN60
..... the language of section 5(1)(xiii) of the wealth tax act, 1957 which is pari materia with the definition of the expression 'personal effects' as given in section 4a(ii) of the act is also helpful in construing the latter ..... under section 5(1)(viii) of the wealth tax act, 1957, it was held that merely because the gold caskets were kept in the show case did not make them part of the furniture and the rest of the articles could not be considered to be household utensils as that expression did not embrace within its sweep gold articles meant for ornamental use for special occasions but meant household articles which were normally, ordinarily, and commonly so ..... overruling the contentions raised on behalf of the appellant to the effect that as there was no voluntary sale changeable to capital gains tax under section 12b of the indian income tax act 1922 hereinafter referred to as 'the act', and the aforesaid items did not constitute ''capital assets' a contemplated by section 2(4a) of the act but fell within the purview of the exception carved out by clause (ii) thereof and as such were to be excluded in computing the gains because they were held ..... to the provisions of sub-section (1-a) 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.. ..... other words, an intimate connection between the effects and the person of the assessee must be shown to exist to render them 'personal effects.8. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1980SC769; (1980)14CTR(SC)366; [1980]122ITR38(SC); (1980)2SCC238; [1980]2SCR357; 1980(12)LC163(SC)
..... it was, however, contended on behalf of the revenue that there is a vital difference between section 6 sub-section (1) of the gift tax act and section 7 sub-section (1) of the wealth tax act in as much as section 5 sub-section (1) of the gift tax act is subject inter alia to the provision of sub-section (3) of that section and this latter sub-section provides that where the value of any property cannot be estimated under sub-section (1) because it is not saleable in the open market, the value shall be determined in the prescribed manner and rules 10 sub-rule ..... in some detail the reasons which weighed with the tribunal in coming to this decision, when we deal with the arguments of the parties, but suffice it to state for the present that in taking this view, the tribunal followed the recent decision of this court in commissioner of wealth-tax v. ..... fluctuations of profits and uncertainty of the conditions at the date of the valuation prevented any reasonable estimation of prospective profits and dividends.since the company involved in this case was a private limited company which was a going concern, the court following the above principles, negatived the applicability of the break-up method for valuation of the shares and upheld the view taken by the high court that the ..... by the assessees as representing the correct value of the shares on the material dates, because the question with which we are concerned is one of principle and the actual figures of valuation are not relevant. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2001SC1155; JT2001(3)SC163; 2001(2)SCALE242; (2001)3SCC420; [2001]2SCR64
..... heirs of a deceased governed by the dayabhaga school took a definite share in the property left by him, that it was not necessary to decide whether a dayabhaga hindu family could be considered a hindu undivided family within the meaning of section 3 of the wealth tax act, 1957. ..... he drew our attention also to the observation that a joint family could, in relation to persons governed by the dayabhaga school, come into existence only by an act of volition on the part of the heirs, such as an agreement to live, mess and worship jointly.9. ..... the ratio applies as much when a female purports to create by agreement with other females an hindu undivided family and blends the property of her absolute ownership therewith.8 ..... the tribunal rightly noted that this court had there held that so long as the property which was originally of a joint hindu family remained in the hands of the widows of the members of the family and was not divided among them, the joint family ..... authorities to support this are brought to our notice; indeed they cannot be, for the concept appears to us to be alien to the hindu personal law which requires the presence of a male for the purposes of the constitution of an hindu undivided family.10. ..... commissioner of income-tax : [1975]101itr776(sc) it was held by this court that a joint hindu family, with all its incidents, is a creature of law and cannot be created by the act of parties, except to the extent to which a stranger may be affiliated to the family by adoption.7 .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1990SC123; (1989)3SCC709; 1989(2)LC712(SC)
..... book value of all plants and equipments existing on the vesting date, if taken over by the government, but no longer in use owing to wear and tear or to obsolescence, to the extent such value has not been written off in the books of the licensee less depreciation calculated in accordance with schedule i; (vi) the amount due from consumers in respect of every hire-purchase agreement referred to in section 7(i)(ii) less a sum which bears to the difference between the total ..... the protection of article 31c the contention is not available at all.section 7(3) of the impugned act provides:in the case of an undertaking which vests in the government under this act, the licence granted to it under part ii of the electricity act shall be deemed to have been terminated on the vesting date and all the rights, liabilities and obligations of the licensee under any agreement to supply electricity entered into before that date shall devolve or shall ..... 'amount' could have no reasonable or direct nexus to the principles envisaged in article 39(b), but are merely intended to extinguish the legitimate rights of the petitioner-company to receive the price of the undertaking under the 1910 act, as the law then stood, pursuant to the option exercised by the 'board', it would, perhaps, be necessary to ascertain the composite-elements that make for a law of nationalisation and whether provisions touching the quantification ..... of wealth-tax ..... buckingham country council [1960] 3 all er 503 lord denning approving .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1959SC1081; (1959)IILLJ357SC; [1959]Supp(2)SCR948
..... come to the conclusion that the appellant should pay to the respondents, in addition to the two months' basic wages already paid to them in pursuance of this court's order dated april 12, 1957, an additional sum equivalent to two months' basic wages by way of bonus for the year 1954-55 subject to the same conditions as were laid down in the award of the tribunal above ..... considerations on which the grant of initial and additional depreciations might be justified under the income-tax act were different from considerations of social justice and fair apportionment on which the full bench formula in regard ..... having regard to all the circumstances of the case, we feel that an award of four months' basic wages as aggregate bonus for the year 1954-55 (which by the way was the bonus awarded for the previous year 1953-54 also) would give a fair share to the labour in the distributable surplus, leaving ..... formula which has been thus adopted all throughout the country and has so far worked fairly satisfactorily should be adhered to, though there is scope for certain flexibility in the working thereof in accordance with the ..... conciliation officer upto march 23, 1956, on which date both the parties arrived at and executed an agreement to refer the matter to an industrial tribunal ..... that credit item into a depreciation fund available to the company and there was therefore no basis for the contention that such a depreciation fund ever existed and could be used as working capital in the business. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1966SC1561; [1966]60ITR91(SC); [1966]3SCR170
..... section 18(3) of the indian independence act reads as follows : 'save as otherwise expressly provided in this act,the law of british india and of the several parts thereof existing immediatelybefore the appointed day shall, so far as applicable and with the necessaryadaptations, continue as the law of each of the new dominions and the severalparts thereof until other provision is made by laws of the legislature of thedominion in question or by any other legislature or other authority havingpower in that behalf.' 12 ..... the assessment for the year 1947-48 wascompleted by the pakistan income-tax officer on the 28th january, 1948completely ignoring the agreement for the avoidance of double taxation ofincome between the pakistan and the indian governments ..... assessee is a publiclimited company dealing in the manufacture and sale of stationery goods.before the partition of the country the company's registered office as wellas the head office was at lahore. ..... 18a(11) which reads as follows : 'any sum other than a penalty or interest paid byor recovered from an assessee in pursuance of the provisions of this sectionshall be treated as a payment of tax in respect of the income of the periodwhich would be the previous year for an assessment for the financial year nextfollowing the year in which it was payable, and credit therefor shall be givento the assessee in the regular assessment.' ..... been given credit by the pakistan government he could not claimthat there was any amount left on which s. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1969SC835; [1969]73ITR546(SC); [1969]1SCR970
..... an appeal by special leave from a judgment of the bombay high court in a reference made under section 66(1) of the income-tax act, 1922, hereinafter called the act, answering the following question which had been referred to it in the negative and against the assessee : 'whether in computing for purposes of levy of penalty under section 28(1) (c) the amount of income-tax and super-tax which would have been avoided if the income as returned had been accepted such 'income as returned' includes ..... item of income too, which though not actually returned had been added in the assessment ..... tax officer, the appellate assistant commissioner or the appellate tribunal, in the course of any proceedings under this act, is satisfied that any person - (a) has without reasonable cause failed to furnish the return of his total income which he was required to furnish by notice given under sub-section (1) or sub-section (2) of section 22 or section 34 or has without reasonable cause failed to furnish it within the time allowed and in the manner required by such notice, or (b) has without reasonable cause failed to comply with .....
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