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Issues:
Consolidation of appeals for multiple assessment years, inclusion of 1/4th share in estate for wealth tax assessment, applicability of s. 19A of the Wealth Tax Act, 1957, interpretation of deed of assignment, determination of legal heirs' rights in intestate succession. Analysis: The judgment consolidates four appeals for different assessment years concerning the inclusion of a 1/4th share in the estate of a deceased individual for wealth tax assessment. The deceased, Smt. Kesharbai Khemka, left behind legal heirs, including her husband, son, and married daughters. The appellant, Smt. Shashi Khemka, acquired the 1/4th share from her father-in-law, Sri Atmaram Khemka, through a registered deed of assignment. The Tribunal had previously remanded the case to the WTO due to lack of evidence supporting the purchase. Fresh assessments were made, and the WTO determined the appellant's net wealth based on the original assessments. The appellant contested the inclusion of the 1/4th share in her wealth, arguing against double taxation and invoking s. 19A of the Wealth Tax Act. The appellant claimed that the estate was being assessed as a whole and that her share should be excluded or considered for rate purposes only. The Revenue, however, asserted that the appellant, not being a legatee or heir-at-law, rightfully held the share in the estate and should be taxed accordingly. The judgment delves into the interpretation of s. 19A of the Act, which deals with the exclusion of assets distributed to specific legatees. The court analyzed the deed of assignment and the succession laws, concluding that the appellant's acquisition of the share from her father-in-law was final and irrevocable. The court rejected the appellant's arguments, emphasizing that the estate was subject to separate assessment and that the appellant's share was rightly included in her wealth. The judgment highlighted the absence of an administrator or executor for the deceased's estate, solidifying the legal heirs' rights in the inheritance. Ultimately, the court dismissed all four appeals by the appellant, upholding the decisions of the authorities below. The judgment clarifies the legal principles surrounding intestate succession, the rights of legal heirs, and the taxation implications of acquiring shares in an estate.
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