Law: Wealth Tax Act, 1957

Section: 27(1)

Wealth tax--- ---- Assessment---Assessee must be owner of asset---Amount not received by trust is not assessable in its hands---Indian Wealth tax Act, 1957. It is only after the assessee becomes the owner of an asset in accordance with the provisions of the Wealth tax Act, 1957, that the said asset would be included in the wealth of the `assessee for the purposes of assessment. Where the Tribunal had found that the executor had not paid the amount of Rs.3,50,000 to the assessee-trust: Held, that the amount of Rs.3,50,000 was not includible in the total wealth of the assessee-trust in the assessment years 1975-76 to 1977-78. JUDGMENT The Income-tax Appellate Tribunal has referred the following question of law arising out of its order, dated April 14, 1981, in respect of the assessment years 1975-76 to 1977-78 under section 27(1) of the .Wealth tax Act, 1957: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the amount of Rs.3,50,000 could not be included in the assessment of the trust for the year under consideration?" On the last date of hearing on September 7, 1993, learned counsel for the Department wanted to verify as to whether the amount of Rs.3,50,000 which is now sought to be included in the wealth of the trust was also included in the wealth of the executor and tax paid accordingly. It has been stated that the said sum…

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