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Commissioner of Wealth-tax, Orissa, Bhubaneswar Vs. Smt. Binapani Chak ...

Court : Supreme Court of India

Reported in : AIR1995SC1380; (1995)125CTR(SC)119; [1995]214ITR721(SC); JT1995(3)SC506; 1995(2)SCALE496; 1995Supp(2)SCC262

..... section 5 of the wealth tax act, 1957 deals with exemptions from wealth tax granted in respect of certain assets ..... court was required to consider the following question:-whether the word 'jewellery' in section 5(1)(viii) of the wealth-tax act, 1957 prior to the amendment of the section and the introduction of the explanation by the finance act (no.2) of 1971 could take in gold ornaments without precious or semi-precious stones embedded ..... required to consider the provisions of section 5(1)(viii) of the wealth tax act, 1957 as in force during the relevant ..... the question thus:-the word 'jewellery' in section 5(1)(viii) of the wealth tax act of 1957 prior to amendment of the provision and introduction of explanation i by the finance act (no. ..... arise from a common judgment of the high court of orissa in seven reference applications before it under section 27(1) of the wealth tax act, 1957. ..... the finance act 2 of 1971, was as follows:-5(1): subject to the provisions of sub-section (1a) 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 -(1) x x x x x x x x x x x x x x x x x x x x (viii) furniture, household utensils, wearing apparel, provisions and other articles intended for the personal or household use of the assessee.section 5(1)(viii) was interpreted in the context of the provisions of section 5(1)(xiii) and 5(1)(xv) by this court in the case of commissioner of wealth-tax, gujarat v .....

Dr. V.P. Gopinathan Vs. Commissioner of Wealth-tax

Court : Kerala

Reported in : [1996]221ITR401(Ker)

..... of section 5 relates to exemptions in respect of certain assets from the clutches of the rigour of the wealth-tax act, 1957. ..... under section 27(1) of the wealth-tax act, 1957, the petitioner moved the tribunal for reference of the question in pursuance of which the following question has been referred as a common question in all these references :' whether, on the facts and circumstances of the case, the appellate tribunal was right in holding that the value of the assets acquired by the assessee prior to his return to india out of moneys brought by him into india, is not exempt from wealth-tax under section 5(1)(xxxiii) of the wealth-tax act, 1957, ..... 25, 1985 (reported in [1985] 152 itr 227), all with reference to the contention that on a true and correct interpretation and language of section 5(1)(xxxiii) of the act remittances and assets having their origin with reference to the working of the foreigner with an indian origin are required to be exempted from the rigour of the wealth-tax act, 1957.11. ..... that as regards the assessment year 1979-80, the provision of section 5(1)(xxxiii) of the wealth-tax act would justify a claim for exemption regarding the assets acquired prior to the return of the assessee if they are out of the amounts brought into india prior to his return and this claim was rejected by the wealth-tax officer on the construction of the said statutory provision that the exemption was not justifiable as the assets were not acquired with the funds brought to india .....

A.R. Narayanan and ors. Vs. Wealth-tax Officer and ors.

Court : Chennai

Reported in : [1974]94ITR393(Mad)

..... by the petitioners on two grounds : (1) the provisions of the finance act of 1969 seeking to include agricultural lands in the definition of ' asset' in the wealth-tax act, 1957, is ultra vires and unconstitutional as parliament had no legislative competence to enact a law seeking to levy a tax on agricultural lands; and (2) the proviso to section 5(1)(iva) of the wealth-tax act, 1957, as amended by the finance act of 1969, is liable to be struck down as discriminatory in that it has made invidious and hostile discrimination by granting higher exemption to assessees who own agricultural lands and other assessees ..... exemption in respect of certain assets.--(1)... ..... in that case the exclusion of certain government servants from exemption given under section 4(3)(xxi) of the indian income-tax act, 1922, and section 10(26) of the income-tax act, 1961, was attacked as being violative of article 14, their lordships of the supreme court held that in the context of exemption from income-tax there can be no distinction between the income earned by a government servant and that earned by a person in other walks of life and that, therefore, there is no legal basis for differentiating government servants from ..... as a matter of fact, the learned counsel himself concedes that the statute after providing exemption limit in respect of each asset can further provide that the aggregate exemption in respect of all the assets should not exceed aparticular limit. .....

Cit Vs. Parwatiben Trust

Court : Gujarat

Reported in : [2006]154TAXMAN161(Guj)

..... shah, j.in this reference at the instance of the revenue, the following questions have been referred for our opinion in respect of assessment year 1980-81 :-'(i) whether in law and on facts, the appellate tribunal is right in holding that the assessee trust is entitled to exemption under section 5(1)(xxiii) of the wealth tax act, 1957? ..... 1,50,000 from the bank balance as exempt under section 5(1)(xxiii) of the wealth tax act, -1957 ?'2. ..... the controversy is only about applicability of the provisions of section 5(1)(xxiii) of the wealth tax act, 1957 which at the relevant time read as under :'5. ..... wealth tax officer : [1962]46itr953(cal) the rajasthan high court has held that the exemption laid down under section 5(1)(xxiii) of the act is available to a trust in respect of shares held by the trustees.9. ..... (i) subject to the provisions of sub-section (1a) 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-(i) to (xx)(ii)**(xxiii) any shares not being shares referred to in clause (xx) or clause (xxa) in any indian company where the assessee is an individual or a hindu undivided family. ..... it is necessary to refer to the scheme of the wealth tax act, 1957 (hereinafter referred to as 'the act'). ..... exemptions in respect of certain assets. .....

Commissioner of Wealth-tax Vs. Smt. Shushila Devi Tamakuwala

Court : Patna

..... exemption in respect of certain assets, -(1) subject to the provisions of sub-section (1a), 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--. . . . ..... section 5(1)(iv) of the wealth-tax act, 1957, which is relevant, is to the following effect :'section 5. ..... the plea of the assessee that the factory building was exempt from wealth-tax under section 5(1)(iv) of the wealth-tax act was negatived. ..... in this view of the matter, we hold that the appellate tribunal was justified in holding that the factory building owned by the assessee was entitled to exemption under section 5(1)(iv) of the wealth-tax act. ..... the assessee-hindu undivided family was the owner of 3/4ths share of the factory building and claimed exemption for the said building under section 5(1)(iv) of the wealth-tax act. ..... the matter arises under the wealth-tax act, 1957. ..... in determining the assets of the assessee under the wealth-tax act, one house belonging to the assessee shall not be included in the net wealth of the assessee. ..... at the instance of the revenue, the income-tax appellate tribunal, 'a' bench, patna, has referred the following question of law for the decision of this court :'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the factory building owned by the assessee was entitled to exemption under section 5(1)(iv) of the wealth-tax act, 1957 ?'2. .....

Commissioner of Wealth Tax Vs. Hiro J. Nagpal

Court : Rajasthan

Reported in : (2009)223CTR(Raj)414; [2009]181TAXMAN168(Raj)

..... subject to the provisions of sub-section (1a), 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.... ..... court in the case of vinod kumar (1999) uptc 606 has proceeded on the assumption that exemption under section 5(1)(iv) of the act is available to immovable property whereas under the aforementioned section exemption is available to a house and not immovable property. ..... under such circumstances, following reference has been made seeking opinion of this court:whether on the facts and in the circumstances of the case the tribunal was justified in directing the wto to grant exemption under section 5(1)(iv) of the wt act, 1957 to the assessee?3. ..... 24th july, 1973, referring to the exemption under section 5(1)(iv) of the act states thus:after the amendment of the above section from 1st april, 1972, it reads as under:one house or part of a house belonging to the assessee.the point for consideration is whether exemption is available for residential house only or to business premises also (of course within the limit laid down in the section).in this connection, attention is invited to sections 22 - 27 of the it act, 1961, which refer to income from house ..... exemption in respect of certain assets. ..... the section does not require that for claiming exemption the house should be a residential house; the exemption can certainly be claimed for non-residential as well as residential accommodation .....

Commissioner of Wealth-tax Vs. M.V. Subbiah

Court : Chennai

Reported in : [2002]254ITR671(Mad)

..... exemption in respect of certain assets.--(1) ..... contention was not accepted by the tribunal and therefore the reference.section 5(1)(ivb) of the wealth-tax act, 1957, as it stood during the relevant year reads thus :'5. ..... right of the assessee to the benefit of the exemption during the assessment year in which exemption was available for the group of buildings used as dwelling houses located on or in the immediate vicinity of agricultural land.the question referred to us, namely, as to whether, on the facts and in the circumstances of the case, the tribunal is justified in holding that the value of labour quarters in kadamana estate is entitled to exemption under section 5(1)(ivb) of the wealth-tax act, is answered in favour of the assessee and ..... the buildings in respect of which exemption claimed are admittedly situated on ..... is one group of buildings and that the buildings are used as dwelling houses of the labourers who work in the estate.after april 1,1975, the law was amended taking away the benefit of exemption for the value of the building or group of buildings used as dwelling houses. ..... reference in the provision to building or one group of buildings indicates that the exemption is not confined only to the owner or the receiver of rent of the ..... , that the value of labour quarters in an estate cannot be excluded from the net wealth of the assessee who is a partner in the firm which owns the estate. ..... exemption was confined thereafter only to building used as storehouses or for keeping .....

Commissioner of Wealth-tax Vs. Aditya Vikram Birla

Court : Kolkata

Reported in : [1978]114ITR711(Cal)

..... in his return the assessee did not include jewellery intended for his personal use in his net wealth on the ground that on the relevant valuation date such jewellery, that is, jewellery intended for personal use was exempt under section 5(1)(viii) of the wealth-tax act, 1957, from inclusion in the assessable net wealth.3. ..... exemptions in respect of certain assets. ..... (1) subject to the provisions of sub-section (1a), 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--..... ..... it was contended on behalf of the assessee before the high court that because of the specific prospective operation of the explanation, the assessee was entitled to exemption in respect of 'ornaments' which were not originally within the meaning of the term 'jewellery' but were now brought by the said explanation under the said term. ..... --(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--..... ..... for the reasons given above, with respect, we follow the decision of the high court of orissa in commissioner of wealth-tax v. ..... the natural meaning of the term 'jewellery' would, however, remain unaffected and the explanation 1 should not be relied on in construing the meaning of the term in respect of any assessment year prior to 1st april, 1972. .....

Ninth Wealth-tax Officer Vs. Bhagubhai Chandulal Family Trust

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)22ITD229(Mum.)

..... act, 1957, which provides for exemption in respect of certain assets, in its opening words under sub-section. ..... therefore, the stage at which exemption is to be considered and allowed is the stage after the share of wealth from the communion is brought to the individual's assessment and each of the spouses married under the portuguese civil code is entitled to deduction under section 5 of the act separately.the above observation of their lordships reveals that exemption in respect of section 5 is available at the time of assessment when the wealth is being taxed and for the wealth which is being taxed in respective hands. ..... interest or interests of the person or persons on whose behalf or for whose benefit such assets are held, falls short of the value of any such assets, then, in addition to the wealth-tax leviable and recoverable under sub-section (1), the wealth-tax shall be levied upon and recovered from the court of wards, administrator-general, official trustee, receiver, manager or other person or trustee aforesaid in respect of the value of such assets, to the extent it exceeds the value or aggregate value of such interest or interests .....

Commissioner of Wealth-tax Vs. Biswajit Samonta

Court : Patna

..... --for the purposes of exemption under section 5 of the wealth-tax act, 1957 (27 of 1957), the amount of compulsory deposits shall be deemed to be a deposit with a banking company to which the banking regulation act, 1949 (10 of 1949), applies.'6. ..... at the instance of the revenue, the income-tax appellate tribunal, patna bench, under the provisions of section 27(1) of the wealth-tax act, 1957, referred to this court the following two questions for its opinion (assessment years 1981-82 and 1982-83) '1. ..... section 5 grants exemption in respect of certain assets. ..... clause (xxvi) of section 5 of the wealth-tax act is relevant. ..... on appeal filed by the assessee, the appellate assistant commissioner agreed with his contention holding that the valuation of the shares at higher value was not justified and directed the wealth-tax officer to recompute the value of the shares after giving the entire amount of provision for tax as a deduction from the net assets. ..... one of such assets is deposits with the banking company to which the banking regulation act, 1949, applies and that exemption is under clause (xxvi). ..... the assessee is an individual and owns certain shares in a company. ..... whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the cds deposit could not form part of the taxable asset ?' 2. .....