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Commissioner of Wealth-tax Vs. Kodaikanal Club

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 1983 - Sections 40, 40(1), 40(6) and 40(7); Wealth Tax Act, 1957 - Sections 2, 3 and 21AA; Finance Act, 1960 - Sections 13; Societies Registration Act, 1860; Income Tax Act, 1961 - Sections 2(17) and 2(18)

Reported in : (2003)181CTR(Mad)534; [2003]260ITR617(Mad)

the assessee-club became inexigible to wealth-tax from the assessment year 1974-75 onwards. However, by Section 40 of the Finance Act, 1983, the levy of wealth-tax on closely held companies was revived. Hence, the assessee-club by its representation dated January … its members, registered itself during the year 1977 under the provisions of the Societies Registration Act, 1860. Under Section 3 of the Wealth-tax Act, 1957, the three assessable entities are individual, Hindu undivided family and company. In the

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

The Commissioner of Income Tax Vs. Asoka Betelnut Co. Pvt. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957; ;Finance Act, 1983 - Sections 40 and 40(3)

Reported in : (2003)180CTR(Mad)178

assessee is entitled to the exemption in view of the exclusionary clause found in Section 40(3)(vi) of the Finance Act 1983. Section 40(3)(vi) while including the building and the land appurtenant thereto for levy of wealth tax, excludes certain items

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

Britannia Industries Ltd. Vs. Commissioner of Income Tax, West Bengal, ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 30 to 36, 37, 37(1), 37(3), 37(4), 37(5) and 80B; Finance Act, 1964 - Sections 37(3); Finance Act, 1970; Finance Act, 1997; Finance Act, 1983 - Sections 37

Reported in : AIR2005SC4333; (2005)198CTR(SC)313; [2005]278ITR546(SC); JT2005(12)SC98; 2005(8)SCALE148; (2006)1SCC646

(5) of the Income Tax Act, 1961, Section 37 (3) of Finance Act 1964 and Section 37 of Finance Act 1983 - Dispute with regard to disallowance of a sum of Rs. 31,38,017 for the assessment year 1994-1995, which

Commissioner of Income-tax Vs. Jodhan Real Estate Development Co. P. L ...

Court : Rajasthan

Subject : Direct Taxation

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

Reported in : [2003]259ITR79(Raj); 2003(2)WLN515

revival of the levy of wealth-tax in the case of closely held companies by Section 40 of the Finance Act, 1983, the assessee filed its return of wealth for the assessment year 1984-85 on March 30, 1985, declaring a … assessment year 1984-85 whereas the said Schedule III came into existence with effect from the assessment year 1989-90 3. Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in holding

The Commissioner of Wealth-tax Vs. Fagun Co. P. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Wealth-tax Act, 1957 - Sections 7(2), 7(3), 27(3) and 45; Finance Act, 1983 - Sections 3, 40 and 40(3); Income Tax Act - Sections 2, 32A and 32A(2; Finance Act, 1960 - Sections 13; Finance Act, 1992

Reported in : 2007(1)CTC13; (2006)205CTR(Mad)225; [2006]286ITR297(Mad); (2006)4MLJ836

assessee is entitled to the exemption in view of the exclusionary clause found in Section 40(3)(vi) of the Finance Act, 1983. Section 40(3)(vi) while including the building and the land appurtenant thereto for levy of wealth-tax, excludes certain items of

Sita World Travel (i) (P.) Ltd. Vs. Deputy Commissioner of Income-tax.

Court : Delhi

Subject : Direct Taxation

Reported in : [1995]55ITD357(Delhi)

to the tourists. In this connection he invited our attention to the provisions of section 40 of the Finance Act, 1983, where by Wealth-tax was revived in the case of closely-held companies. He further referred to the provisions of … were not pressed by the learned counsel Shri R. Ganeshan and hence the same are rejected.4. Ground No. 3 relates to inclusion of an amount of Rs. 16,37,000 pertaining to tourist/taxi cars in the net wealth of

Punj Sons (P) Ltd. Vs. Dy. Cit

Court : Delhi

Subject : Direct Taxation

Reported in : (2002)74TTJ(Del)596

the assessed's contention. He observed that the wealth-tax in question paid in pursuance to section 40 of the Finance Act, 1983 was wealth-tax and was covered by the provisions of section 40(a)(iia) of the Act, and, thereforee, it was … of the matter, we direct the assessing officer to allow deduction of Rs. 1,55,820.10. Grounds No. 2 and 3 were not pressed by the assessed.11. In the result, the appeal is partly allowed. Head Note: INCOME TAX

Bachhraj Factories Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (1996)56ITD225(Mum.)

Before the CIT (Appeals) the assessee submitted that it had paid this tax under Section 40 of the Finance Act, 1983 and that the Explanation to Section 40(a)(iia) specifically excludes any tax chargeable with reference to the value of … not chargeable with reference to the value of any particular asset of the business or profession but under Section 3 the charge is in respect of the net wealth on the corresponding valuation date of every individual Hindu