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1 - 10 of 14 (0.23 seconds)The Wealth-Tax Act, 1957
Section 3 in The Wealth-Tax Act, 1957 [Entire Act]
The Income Tax Act, 1961
Section 11 in The Wealth-Tax Act, 1957 [Entire Act]
Section 11 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax, Madras vs Indian Bank Lid on 26 October, 1964
3. Counsel for the Revenue, Mr. G. S. Jetley, stated before us that the Tribunal has held the wealth of the trust to be exempt under section 5(1) of the Act relying upon its own decision in the assessee's case under the Income-tax Act, 1961, holding the income to be exempt under section 11 thereof. It was pointed out to us that the above finding of the Tribunal has since been reversed by this court in reference (arising from the order of the Tribunal) which is CIT v. State Bank of India [1988] 169 ITR 298. In that view of the matter, according to Mr. Jetley, exemption under section 5(1) would not be available in respect of the assets of these trusts. According to Mr. Kaka, learned counsel for the assessee, the above decision is of no consequence in determining the question of applicability of section 5(1)(i) of the Wealth-tax Act because the conditions precedent for applicability of section 11 do not apply to section 5(1)(i) of the Act.
Section 5 in The Wealth-Tax Act, 1957 [Entire Act]
Section 13 in The Wealth-Tax Act, 1957 [Entire Act]
Trustees Of Gordhandas Govindram ... vs Commissioner Of Income-Tax, Central, ... on 15 February, 1968
10. On a combined reading of the above provisions, it becomes clear that the subject-matter of charge imposed by section 3 is the net wealth of an individual and a Hindu undivided family. Any "person" who is responsible for payment of wealth-tax in respect of such wealth is regarded as an assessee for the purposes of this Act. "Person" is a word of wide import and is not confined to individual and Hindu undivided families. In a given case, even an association of persons might be regarded as an "assessee", if it is found to be responsible for payment of tax under this Act in respect of the net wealth of an individual or a Hindu undivided family. This aspect of the matter came up for consideration before this court in Abhay L. Khatau v. CWT [1965] 57 ITR 202 and Trustees of Gordhandas Govindram Family Charity Trust v. CIT [1968] 70 ITR 600, and the Calcutta High Court in Suhashini Karuri v. WTO [1962] 46 ITR 953, where it was held that "joint trustees" could be regarded as a unit for the purpose of taxation under the Wealth-tax Act and assessed to wealth-tax in the status of an individual in respect of the value of the appropriates held by them as trustees. The word "individual" was held to be wide enough to include a group of person forming a unit.