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Showing 1 to 11 of 11 Records Search Text: Khan saheb dost mohd alladin |
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1985 (4) TMI 63 - ANDHRA PRADESH High Court The court ruled in favor of the assessee and against the Revenue. It held that the transfer of property to the wife in lieu of deferred dower is valid and constitutes adequate consideration under Section 64(1)(iv) of the Income Tax Act, 1961. The court also confirmed the husband's right to pay deferred dower before the dissolution of marriage. Consequently, the court affirmed that the payment made by the assessee towards the liquidation of the Meher debt to his wife is for adequate consideration. No costs were awarded in both cases.
1984 (12) TMI 107 - ITAT DELHI-C The Tribunal upheld the decision to tax the transfer of shares as a gift under the Gift-tax Act, 1958. The transfer of shares to an individual in consideration of a forthcoming marriage was deemed a gift as there was no measurable consideration in terms of money or money's worth, despite being part of a pre-nuptial agreement. The Tribunal emphasized that a promise to marry does not constitute adequate consideration for a gift under tax laws, leading to the dismissal of the appeal and affirmation of the taxation of the transfer as a gift.
1987 (2) TMI 101 - ITAT BOMBAY-E The Tribunal held that Mehr payable by a husband constitutes a debt owed and is deductible in net wealth assessment. The marriage certificate indicated the amount fixed as dower, presumed prompt under Shia law. The Tribunal also affirmed the inclusion of the amount in the CDS account in the net wealth assessment, directing valuation on an actuarial basis. The appeal was partially allowed, with the deduction of Mehr payable upheld and the inclusion of the CDS account amount affirmed in the net wealth assessment.
1972 (7) TMI 18 - ANDHRA PRADESH High Court The court held that the value of properties transferred by the assessees to their wives should be included in their total wealth under section 4(1)(a) of the Wealth-tax Act. The transfers were deemed not to be for adequate consideration, and the deferred dower was not considered a debt owed during the marriage. The court ruled in favor of including the transferred properties in the assessee's total wealth and ordered them to pay the costs of the reference.
1991 (3) TMI 135 - Supreme Court The Supreme Court upheld the Allahabad High Court's decision on land transfers under the Uttar Pradesh Imposition of Ceiling on Land Holdings Act, 1960, emphasizing the need for transfers to be for adequate consideration rather than love and affection. The appeals were dismissed as lacking merit, with no costs awarded.
1982 (9) TMI 143 - ITAT MADRAS-B The case involved a dispute over the inclusion of an amount in a wealth-tax assessment related to a trust for the would-be wife. The tax authorities included the amount, citing a violation of the trust deed clauses. The assessee argued that the provision of the Wealth-tax Act regarding assets held by a spouse was not applicable as the amount was gifted before marriage. The tribunal upheld the assessee's claim, emphasizing that the transfer should have been to the spouse at the time of transfer, and the subsequent marriage did not affect the provision's applicability. The appeal was allowed based on the timing of the transfer to the spouse.
Clubbing of income - section 64 - spouses The circular addresses the treatment of dower under Muslim law concerning income tax and wealth tax. It clarifies that "prompt" dower, payable immediately upon demand, is a debt and not subject to clubbing under section 64 of the Income Tax Act or section 4 of the Wealth Tax Act. Conversely, "deferred" dower, payable upon marriage dissolution, is not a debt during the marriage. Transfers of property for deferred dower are considered gifts without consideration, subject to income aggregation and gift tax. The circular instructs tax officers to review and act on cases involving property transfers related to deferred dower.
1986 (1) TMI 131 - ITAT ALLAHABAD-A The appeals were partly allowed. The interest from Banarasidas Ramgopal was to be taxed on a receipt basis, adhering to the cash system of accounting followed by the assessee. However, the exemption under Section 11 was denied due to the application of Section 13(1)(c) and Section 13(2)(a), as the loan was not backed by adequate security, even though it carried adequate interest.
1981 (4) TMI 130 - ITAT HYDERABAD-A The Tribunal canceled reassessment proceedings for the assessment years 1968-69 to 1971-72 as the assessee had disclosed all relevant facts, rendering the initiation of reassessment under Section 147(a) void. For the years 1972-73 to 1975-76, reassessment was allowed under Section 147(b) based on information from the Audit party. Income from properties transferred to the wife was not includable in the assessee's income under Section 64 as the transfer was not in discharge of the deferred dower debt, and the amount remained a debt due by the wife to the husband.
1979 (6) TMI 8 - MADRAS High Court The High Court ruled in favor of the assessee, a private limited company, in a case involving the transfer of business assets to a partnership firm. The court held that there was no deemed gift under section 4(1)(a) of the Gift-tax Act, 1958, as the consideration was deemed adequate. Consequently, the court did not address the issue of exemption under section 5(1)(xiv) of the Act. The court emphasized that adequacy of consideration should be determined based on the specific circumstances of each case and not solely on market value. The assessee was awarded costs, including counsel's fee of Rs. 500.
1977 (9) TMI 7 - BOMBAY High Court The High Court held that the transfer of immovable properties by the assessee to his wife was not for adequate consideration. Therefore, the income from these properties should be included in the assessee's total income under Section 64(1)(iii) of the Income-tax Act, 1961. The Tribunal's decision was overturned, and the assessee was directed to pay the costs of the revenue.
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