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Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (1993)45ITD500(Pune.)

assessments. Even after re-opening, the assets brought to tax would have been exempt under Section 40 of the Finance Act, 1983. Revenue is in appeal on the following common grounds, viz. : (1) The order of the CWT (Appeals) … assessee, a private limited company, was assessed to wealth-tax for the assessment year 1984-85 on 14-7-1987 under Section 16(3) on a net wealth returned Rs. 43,600 which was accompanied by balance sheet of the company. The assessment

V.G. Paneerdas and Co. P. Ltd. Vs. Commissioner of Wealth-tax

Court : Chennai

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 16(4) and 18(1); Finance Act, 1983 - Sections 16(4), 17, 18(1) and 40(3)

Reported in : (2006)204CTR(Mad)469; [2006]284ITR444(Mad)

the public are not substantially interested. It was in possession of assets specified in Section 40(3) of the Finance Act, 1983, thereby rendering it liable to wealth-tax. A notice under Section 17 was issued on April 17, 1981. Since … issued on April 17, 1981. Since there was no compliance with the above notice, a notice under Section 16(4) was issued on August 31, 1990. The assessee filed a nil return of wealth on September 11, 1990.

Commissioner of Wealth-tax Vs. Malabar and Pioneer Hosiery P. Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 16(1) and 25(2); Finance Act, 1983 - Sections 35(7), 40 and 40(3)

Reported in : (2006)200CTR(Ker)287; [2006]280ITR260(Ker)

converted into a kalyana mandapam. The Commissioner took the view that the exemption under Section 40(3)(vi) of the Finance Act, 1983, will be available if the assessee uses the building as a factory, godown, warehouse, hotel for the purpose … 'the Act'). The assessment years are 1985-86 and 1986-87. The assessments for these years were completed under Section 16(1) of the Act. Later on, the Commissioner of Wealth-tax revised the assessments under Section 25(2) of the Act.

Stumpp Schuele and Somappa Ltd. Vs. Dy. Cwt

Court : Income Tax Appellate Tribunal ITAT

Subject : Land Acquisition

Reported in : (2002)74TTJ(Bang.)253

is includible in the wealth of the company, by virtue of clause (via) of section 40(3) of the Finance Act, 1983, exempting the portion therein under workers canteen and land appurtenant thereto. The old buildings in the 1/2 portion … admitted some nominal value for the other two properties. The assessing officer had completed the assessments under section 16(1)(a) of the Wealth Tax Act for the assessment years 1989-90 and 1990-91 on the basis of the first

Stumpp Schuele and Somappa Ltd. Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT

Subject : Land Acquisition

is includible in the wealth of the company, by virtue of Clause (via) of Section 40(3) of the Finance Act, 1983, exempting the portion therein under workers canteen and land appurtenant thereto. The old buildings in the 1/2 portion … had admitted some nominal value for the other two properties. The AO had completed the assessments under Section 16(1)(a) of the WT Act for the asst. yrs. 1989-90 and 1990-91 on the basis of the first returns.He

Naveen Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT

Subject : Direct Taxation

doing hotel business was, in fact, a specified asset attracting wealth-tax liability as contemplated in s.40(3)(vi)(b) of the Finance Act, 1983. He fixed the value at Rs. 8 lakhs, as per assessee's books, and held that the same should … whether the assessee is entitled to the exemption provided for in s. 40(3)(vi) of the Finance Act, 1983. Sec. 40 of the Finance Act, 1983, reads as under : "40. Revival of levy of wealth-tax in the … for all the above assessment years, on 5th Sept., 1991, under s. 16(3) r/w s. 17 of the WT Act.3. The CWT perused the records

Naveen Hotels Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT

Subject : Land Acquisition

Reported in : (1997)57TTJ(Bang.)241

doing hotel business was, in fact, a specified asset attracting wealth-tax liability as contemplated in s.40(3)(vi)(b) of the Finance Act, 1983. He fixed the value at Rs. 8 lakhs, as per assessees books, and held that the same should … whether the assessee is entitled to the exemption provided for in s. 40(3)(vi) of the Finance Act, 1983. Sec. 40 of the Finance Act, 1983, reads as under : "40. Revival of levy of wealth-tax in the … for all the above assessment years, on 5th Sept., 1991, under s. 16(3) r/w s. 17 of the WT Act.3. The CWT perused the records

The Director of Income Tax Vs. Shardaben Bhagubhai Mafatlal Public Cha ...

Court : Mumbai

Subject : Direct TaxationTrusts and Societies

Acts : Income Tax Act, 1961 - Sections 2(31), 11(5), 13(1), 80-L, 160, 161(1), 162, 164 and 260-A; Companies Act, 1956 - Sections 617; Finance Act, 1991; Finance Act, 1992; Finance Act, 1983; Income Tax Act, 1922 - Sections 16(3)

Reported in : (2001)1BOMLR744; (2000)164CTR(Bom)97; 2001(2)MhLj695

Charitable Trust. the facts were as follows. Clause (d) of sub-section (1) of section 13 was substituted by Finance Act, 1983 with effect from 1.4.1983. The provisions of the new sub-clause were to be applicable from the Assessment Year … No. 636 dated 31st August, 1992 198 I.T.R. 145; Circular No. 691 dated 19th December 1991 195 I.T.R. 164.5. Mr. Andhyarujina, learned counsel appearing on behalf of the assessee-Trust, on the other hand, contended that looking to

Akash Coke Industries Pvt. Limited Vs. State of Bihar and ors.

Court : Patna

Subject : Sales Tax

Acts : Bihar Finance Act, 1981 - Sections 16(5) and 16(9); Central Sales Tax Act, 1956 - Sections 6, 6(1A), 9(2A) and 15; Bihar Sales Tax Rules, 1983 - Rule 35

Taxes, Dhanbad, calling upon it to show cause as to why penalty Under Section 16(9) of the Bihar Finance Act (hereinafter referred to as 'the State Act') read with Section 9(2A) of the Central Sales Tax Act (hereinafter … may be provided in any law in force in that State.'Rule 35 of the Bihar Sales Tax Rules, 1983, has provided for refund of the State tax paid under the State law in respect of sale or

Chunnilal Onkarmal (P.) Ltd. and anr. and Sir Sarupchand Hukamchand Pv ...

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957; Finance Act, 1983 - Sections 40; Constitution of India - Article 14; Finance Act, 1960 - Sections 13; Companies Act

Reported in : (1994)121CTR(MP)116; [1996]221ITR459(MP)

are pending consideration.4. The petitioners have in this petition challenged the constitutional validity of Section 40 of the Finance Act, 1983, on the ground that it violates Article 14 of the Constitution of India. According to the petitioners, the … the commencement of business contained in Section 149, relaxation from holding the statutory meeting as required by Section 165, demand of poll by the members, limited number of directors which need not be more than two, non-restriction