Law: Wealth Tax Act, (XV of 1963)

Section: 2(e)(v)

Law: Wealth Tax Rules, 1963

Section: 8(6)

Assets -- Annuity -- Annuity receivable from property settled per will -- Whether exempt -- Held no -- Life tenancies -- Value of life right -- Value of the benefit derived by beneficiaries from property settled for trust -- Method of calculation -- Property held under trust -- Beneficiary having life interest in the property -- Method of assessment on beneficiary -- Valuation of wealth -- Life interest -- Beneficiaries, under trust deed, entitled only to payment of fixed annual amount and not owning property -- Held, interest of such beneficiaries in property of nature of life right as envisaged by rule 8(6) -- Wealth Tax Officer directed to value benefit derived by assessee from property held in trust in accordance with Section (6) -- Singular includes plural -- Assessment of tax -- Allowance of liability -- Assessee entering into negotiations for sale of property and receiving earnest money -- Transaction, however, not materializing and earnest money eventually returned to intending purchaser but Wealth Tax Officer including same in assessee's wealth -- Wealth Tax Officer directed to allow deduction of amount of earnest money in computation of assessee's wealth -- ORDER The order was passed by K. SALAHUDDIN, Accountant Member.-- These appeals arise from the assessment to wealth tax made on the appellant for the change years 1964-65, 1965-66, 1966-67, 1967-68, 1968-69, 1969-70, and 1970-71. Some of issues raised in these appeals being identical we propose to dispose of these appeals by this consolidated order. 2. The first common objection raised in all these appeals is to the following effect:= "The Wealth Tax Officer has erred in rejecting your petitioner's claim for exemption under Section 2(e)(v), in respect of annuity receivable from property settled per will of Late Fakirjee Cowasjee," 3. The precise issue had come up for consideration before the Tribunal in the case of this very appellant in relation to the assessment year 1963-64 and the Wealth Tax Officer's order in this respect was upheld. Following respectfully the aforesaid decision of the Tribunal it must be held that the Wealth Tax Officer rightly rejected the appellant's claim for exemption…

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