TMI Blog1992 (3) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... eals of 1980, and the wife of the assessee in appeals of 1990 are as follows. They were governed by the Portuguese Civil Code. They were married according to custom, without having any ante-nuptial agreement to keep the property separately. For the assessment years 1971-72 to 1973-74, the Wealth-tax Officer calculated the value of the movable properties consisting mostly of shares in limited companies, deposits in bank and loan to company of the husband as belonging to the body of individuals comprising the husband and wife. He then worked out the net wealth of the communion by deducting from it Rs. 1,50,000 under section 5(1)(xxxii) read with section 5(1A) of the Wealth-tax Act. After allowing the exemption and deducting the liabilities of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this court under article 136 in which notice was issued as a similar matter was pending. All these appeals are being disposed of by this common order. The question of law which was referred for the opinion of the High Court in Wealth-tax Reference No. 44 of 1977 (See CWT v. Vasudeva V. Dempo [1981] 131 ITR 291 (Bom)), out of which the appeals of 1980 were filed was as under (at page 292) : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that each of the spouses married under the Portuguese Civil Code is entitled to deduction under section 5 of the Wealth-tax Act, 1957, separately ?" The High Court, after elaborate discussion of the provisions of law and various decisions under th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f community of property and who had not entered into an ante-nuptial agreement of the nature referred to therein, was required to be assessed separately in respect of his or her share of the property for purposes of wealth-tax. It was mentioned that the Board was further advised that the exemptions under section 5 of the Wealth tax Act were admissible to each one of the spouses as individual. The Bench, however, felt that the instructions having been issued in 1975, it was debatable if the decision could be based only on it. We have heard learned counsel for the parties at length. The Department, as is clear from the circular, at all points of time, intended that the spouses in Goa should be treated as individuals and granted exemption ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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