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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

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

Commissioner of Wealth Tax Vs. Indian Warehousing Industries Ltd.

Court : Chennai

Subject : Direct Taxation

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

Reported in : (2004)188CTR(Mad)283; [2004]269ITR203(Mad)

of the value of the warehouses as they were exempt under the provisions of Section 40(3) of the Finance Act, 1983?2. In order to appreciate the question of law, it is necessary to notice the facts in brief.Assessee is

The Commissioner of Income Tax Vs. Tirupur Sri Meenakshi Sundareswarar ...

Court : Chennai

Subject : Direct Taxation

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

Reported in : (2003)180CTR(Mad)174; [2003]262ITR129(Mad)

by the assessee was not an asset exigible to wealth tax within the meaning of section 40(3)(vi) of Finance Act, 1983?2.The short facts are that the assessee is a closely held company in which the public are not substantially

Commissioner of Wealth-tax Vs. Bombay Conductors and Electrical Ltd.

Court : Gujarat

Subject : Direct Taxation

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

Reported in : [2002]258ITR667(Guj)

law in coming to the conclusion that the assessee is entitled to exemption under Section 40(3)(vi) of the Finance Act, 1983, for the residential property on the ground that the same was used for guest house and business premise

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

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

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

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