1974 (10) TMI 21

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....1957, the Wealth-tax Officer had included the said amount in the net wealth of the assessee for the said two years. The assessee preferred an appeal before the Appellate Assistant Commissioner. It was contended that the sum of Rs. 1,00,01 was exempt under the proviso to section 4(1)(a) introduced by the Act 46 of 1964. The Appellate Assistant Commissioner negatived this contention and upheld the order of the Income-tax Officer on this point. The assessee preferred an appeal before the Tribunal contending that the sum was exempt from the levy of wealth-tax under the proviso to section 4(1)(a) because she had paid gift-tax with reference to the said amount. It was contended on behalf of the revenue on the other hand that the proviso would onl....

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.... was imposed or levied. In this connection it may be relevant to mention that since the passing of the Finance Act 2 of 1971, with effect from 1st of April, 1972, the sub-clause is as under : " By a person or association of persons to whom such assets have been transferred by the individual otherwise than under an irrevocable transfer, whether the assets referred to in any of the sub-clauses aforesaid are held in the form in which they were transferred or otherwise : Provided that where the transfer of such assets or any part thereof is either chargeable to gift-tax under the Gift-tax Act, 1958 (18 of 1958), or is not chargeable under section 5 of that Act, for any assessment year commencing after the 31st day of March, 1964, but befo....