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1972 (12) TMI 17 - MADRAS HIGH COURTWhetherthe inclusion of the movable assets belonging to Lakshmikanthammal, the wife of the assessee, in the taxable wealth of the assessee is lawful - Whetherthe movable assets of Lakshmikanthammal, are liable to be included in the taxable wealth of the assessee in view of or having regard to section 4(4) - assessee also contends that the Tribunal has not considered the applicability of section 4(4) of the Wealth-tax Act to movable properties standing in the name of the assessee's wife, though that section was applied and relief granted in respect of immovable properties. But on the finding given by the Tribunal that the movable properties consisting of advances and investments are benami and that the assessee continued to be the beneficial owner of the same, there is no question of applying section 4(4) as there was in fact no transfer before the coming into force of the Act in relation to movable properties and the Tribunal is justified in not applying section 4(4) so far as the movable properties are concerned - Reference answered in the affirmative
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