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Plasticotes Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (1992)40ITD332(Mum.)

to wealth-tax or not. Since Section 40(3)(vi) of the Finance Act, 1983 talks of 'building' and not a part thereof, a flat in a building cannot be treated as a building contemplated under the said section. According … flats in Anand Kamal are let out to the director of the assessec-company.3. By Section 40 of the Finance Act, 1983, the levy of wealth-tax was revived in the case of closely held companies. In its return of net … 42 5 shares of Rs. 50 eachAnand Kamal No, 3 & 4 297 shares of Rs. 50 eachNeelkant No. 25 5 shares of Rs. 50

Commissioner of Wealth Tax Vs. Cadmach Machinery Co. Pvt. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 2, 3 and 27(1); Finance (Amendment) Act, 1983 - Sections 40, 40(2) and 40(3); Finance Act, 1988 - Sections 87

Reported in : (2007)212CTR(Guj)285

in actual use for the purpose of business as contemplated under the provisions of Section 40(3)(vi) of the Finance Act, 1983?(2) Whether, by allowing the claim of the assessee, the appellate Tribunal has not caused violation to the plain … avoid personal wealth-tax liability by forming closely held companies to which they transfer many items of their wealth, particularly jewellery, bullion and real estate. As companies are not chargeable to wealth-tax, and the value of the shares

The Commissioner of Wealth Tax Vs. Fagun Estates Pvt. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Wealth Tax Act - Sections 27(3)

Reported in : (2005)195CTR(Mad)280; [2005]272ITR472(Mad)

the building and land, it contended before the Assessing Officer that in terms of Section 40 of the Finance Act, 1983, as a portion of the basement portion was used by the assessee as office premises, the value of … following its earlier order in the case of Varadaraja Theatres (P) Ltd. 29 ITD 29, held that no part of the assets of the assessee company in the form of land and building can be treated as … following its earlier order in the case of Varadaraja Theatres (P) Ltd. 29 ITD 29, held that no part of the assets of the assessee

Subhash Chand Dinesh Chand Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Subject : Direct Taxation

Reported in : (1995)52ITD212Jab

written submissions on 13-2-1989 and stated that the levy of wealth-tax was reintroduced by Section 40 of the Finance Act, 1983 for the first time and the assessee-company came to know of it only through the auditors when they … lower authorities and the same should be sustained.6. We have carefully considered the submissions made by both the parties in the light of the case law cited as also in the light of the provisions of Section

Commissioner of Income Tax Vs. Hemla Embroidery Mills (P) Ltd.

Court : Punjab and Haryana

Subject : Direct Taxation

Reported in : (2007)212CTR(P& H)497; [2009]311ITR412(P& H)

wealth of the assessee. The AO also came to the conclusion that as per Section 40(3)(iv) of the Finance Act, 1983, building or land owned by an assessee is to be included in the net wealth unless the building … and Printing Mills. Lateron, vide letter dated 18th Dec, 1989, the assessee stated that it had sold a part of its building and machinery to M/s R. Narayan Printing & Dying (P) Ltd. but the land was … brevity, 'the Tribunal') has referred the following question of law under Section 256(1) of the IT Act, 1961 (for brevity, 'the Act'), which is stated

K.N. Chari Rubber and Plastics Pvt. Ltd. Vs. the Commissioner of Wealt ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 256(1)

Reported in : (2002)178CTR(Mad)483; [2003]260ITR164(Mad)

Whether, the Tribunal was right in holding that the expression 'Motor Cars' occuring in Section 40(3)(vii) of the Finance Act, 1983 leaves no ambiguity in interpretation and as such, motor cars forming part of plant and machinery in the … of own funds of the appellant company and such inclusion is against the intention of the legislature ? 2. Whether, the Tribunal was right in holding that the expression 'Motor Cars' occuring in Section 40(3)(vii) of the

Commissioner of Income-tax Vs. the Statesman Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 37(3A) and 37(3B); ;Finance Act, 1978; ;Finance Act, 1983

Reported in : [1992]198ITR582(Cal)

the aforesaid provisions of Sub-sections (3A) and (3B), etc., were re-enacted in the Income tax Act through the Finance Act, 1983, with effect from April 1, 1984. The relevant provisions run as under :'(3A) Notwithstanding anything contained in Sub-section … Act has inserted new Sub-section (3A) in Section 37 of the Income-tax Act for the disallowance of a part of such expenditure in the computation of taxable profits.'11. In a slightly changed form, the aforesaid provisions of … law has been referred to this court by the Tribunal under Section 256(1) of the Income-tax Act, 1961, for the assessment year 1984-85 :R. A.

Commissioner of Wealth Tax Vs. Cosmopolitan Hospitals (P) Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Finance Act, 1983 - Sections 40, 40(2) and 40(3)

Reported in : (2003)185CTR(Ker)111; [2004]265ITR312(Ker)

under the WT Act, 1957 (for short 'the Act').2. The scope and ambit of Section 40(3)(vi) of the Finance Act, 1983, regarding the computation of net wealth of a closely-held company which was made liable to wealth-tax assessment as … Sub-section (2) shall be the following, namely :XXX XXX(vi) building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, cinema house, hotel or office for the purposes of

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)102ITD101(Mum.)

right to occupy premises belonging to a co-operative housing society are taxable assets under Section 40 of the Finance Act, 1983 in the case of a private limited company? Assessee has filed its return of wealth on 9th May, … as under: (iii) a member of a co-operative society, company or other AOP to whom a building or part thereof is allotted or leased under a house building scheme of the society, company or association, as the … This Special Bench has been constituted by the Hon'ble President under Section 255(3). The issue referred to the Bench for the asst. yr.1990-91 is as

Commissioner of Wealth-tax Vs. Bajoria Properties Pvt. Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Transfer of Property Act, 1882 - Section 55 and 55(6); ;Wealth Tax Act, 1957 - Section 2; ;Finance Act, 1983 - Section 40 and 40(2)

Reported in : [2002]258ITR29(Cal)

agreement dated September 22, 1986, as debt owed in computing the net wealth under Section 40(2) of the Finance Act, 1983 ?'2. The undisputed facts of this case are as follows :The assessee is a private limited company and … of the Assessing Officer that the said claim for deduction was rejected on the ground that it was part of the sale considerationand was not a liability against the value of the property. Therefore, according to the