TaxTMI 
TaxTMI 
1981 (12) TMI 83
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....rpretation of section 4(1)(a)(v) of the Wealth-tax Act, 1957 ("the Act"). The assessee claims to have made a gift of jewellery worth Rs. 22,043 to her daughter-in-law, Smt. Manju Garg, on the date of latter's marriage, but before Saptapathi took place. The contention of the assessee was that Smt. Manju Garg was not her daughter-in-law or the son's wife within the meaning of sub-clause (v) of secti....
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....ds of the assessee. On appeal, the AAC also took the same view that at the time of gift, Smt. Manju Garg had become the wife of the assessee's son within the meaning of sub-clause (v) of section 4(1)(a) and, therefore, the WTO was right in bringing Rs. 22,043 representing the value of the gifted jewellery to tax. 2. Aggrieved, the assessee has come up in appeal to the Tribunal. Shri Jain, learned....
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.... to her prospective daughter-in-law before the marriage ceremony started. Maybe, that there was no considerable gap between the betrothal ceremony and the marriage ceremony, but the uncontroverted facts are that the jewellery had been gifted before the commencement of the Saptapadi, conclusion of which completes the marriage. Shri Swaroop, learned departmental senior representative, argues before ....
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....the Indian Income-tax Act, 1922, the Supreme Court, in the case of Philip John Plasket Thomas v. CIT [1963] 49 ITR 97, took the view that relationship of husband and wife must subsist not only at the time or accrual of income from the assets, but also when the transfer of asset is made. On the pari materia principle, the decision of the Supreme Court can be indubitably pressed into services for th....