Law: Wealth Tax Act, 1957

Section: 2,2(m),3

[Indian Wealth Tax Act,1957]........Sections 2(m), 3-WeaIth-tax-Assets belonging to the assessee-Hindu undivided family-Individual dying intestate-Property devoting on his heirs-Whether assessable jointly in the status of Hindu undivided family Held no-Expression "Belonging to assessee". meaning of: Under section 3 read with section 2 (m) of the Wealth-tux Act, 1957, liability to wealth-tax arise out of ownership of the asset and not otherwise. Mere possession or joint possession, unaccompanied by the right to, or ownership of, property would therefore not bring the property within the definition of "net wealth" for it would not then he an asset "belonging" to the assessee. Properties of n Hindu male governed by the Dayabhaga school of Hindu law, held on his death by his heirs are not assessable to wealth-tax jointly in the status of a. Hindu undivided family. On January 5, 1957, B, n Hindu male governed by the Dayabhaga school died intestate leaving his widow, sons and daughters. A suit for partition had been died and preliminary decree had been obtained on July 4, 1959: Held, that Bs individual property devolved on his heirs according to the provisions of the Hindu Succession Act, 1956. The coparcenary formed on his death has unity of possession but not on the property. Each coparcener, therefore, took a defined share in the property and was owner of his share. Each such share thus "belonged" to the coparcener: it was his "net wealth" within the meaning of section 2 (m) and was liable to wealth-tax as such under section 3. Cases referred to : - Biswa Ranjan Sarvadhikary v. Income-tax Officer (1963) 47 ITR 927 (Cal). Commissioner of Wealth-tax v. Gouri Shankar Bhar (1961) 68 ITR 345 (Cal).-on appeal (1972) 84 ITR 699 (SC), (PC). Sremutty Soorieemoney Dosswa v. Denobundoo Mulliok (1857)6 526 (PC). Appeal from the and order dated April MIA 26, 1968, of the Calcutta High Court in Wealth-tax Matter No. 421 of 1964. JUDGMENT [The judgement of the court was delivered by SHINGHAI J.)-This appeal by certificate has come before us as the question of law arising for decision is stud to be of great importance. The facts giving rise to the appeal are quite simple and may…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492