Mumbai Court December 1977 Judgments
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Commissioner of Wealth-tax, Bombay City-iii Vs. S.K. Varma
Court: Mumbai
Decided on: Dec-01-1977
Reported in: [1978]113ITR882(Bom)
Desai, J.1. A very short point arises for determination in this wealth-tax reference in which the following question has been referred to us under of the Wealth-tax Act, 1957 : 'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the provision in respect of section 23A super-tax made in the balance-sheet of M/s. Caprihans (India) Pvt. Ltd. and M/s. Mangaldas H. Verma Private Ltd. should be deducted in computing the break-up value of the shares of these companies for purpose of wealth-tax assessment of the assessee for the assessment year 1962-63 ?' 2. The reference arises out of the assessment under the Wealth-tax Act on an individual for the year 1962-63, the corresponding valuation date being March 31, 1962. 3. Amongst other assets, the assessee owned 4,620 shares of the face value of Rs. 100 each in a company called Caprihans (India) Pvt. Ltd. Similarly, he held 800 shares of the face value of Rs. 50 each in a company called Mangald...
Commissioner of Wealth-tax, Bombay City-i, Bombay Vs. Andhra Valley Po ...
Court: Mumbai
Decided on: Dec-01-1977
Reported in: [1978]114ITR783(Bom)
Chandurkar, J. 1. This reference in which certain questions have been referred under section 27(1) of the Wealth-tax Act both at the instance of the assessee and the revenue arise out of proceedings for assessment of wealth-tax in respect of three assessment years 1957-58, 1958-59, and 1959-60 in respect of the Andhra Valley Power Supply Co. Ltd. the Tata Hydroelectric Power Supply Co. Ltd. and the Tata Power Co. Ltd. 2. The relevant valuation dates for the three above-mentioned assessment years are 31st March, 1957, 31st March, 1958, and 31st March, 1959, respectively. All the three companies held licences under the Electricity Act, 1910, and since questions raised were common except that the amounts involved were different, the tribunal passed a common order in the appeals before it. All the wealth-tax assessments in respect of the three years and the three assessees were made on the basis of global method of valuation on the basis of the figures in the respective balance-sheet. It i...
Commissioner of Wealth Tax, Bombay City-i, Bombay Vs. Asarwa Mills Ltd ...
Court: Mumbai
Decided on: Dec-01-1977
Reported in: [1978]115ITR612(Bom)
Desai, J.1. In this reference the following question has been referred to us at the instance of the Commissioner under s. 27(1) of the W.T. Act, 1957. 'Whether the Tribunal was justified in allowing the assessee's claim for deduction on account of accumulated depreciation not written off in the books for the purpose of computing net wealth under s. 7 of the W. T. Act ?'2. A few facts may be stated. 3. We are concerned in this reference with assessment year 1957-58, the valuation date being December 31, 1956. In computing the net wealth as on the valuation date, the WTO adopted the value of the fixed assets as shown in the balance-sheet of the company. The company contended before the AAC that this was not proper and only the written down value according to the income-tax records should have been adopted. The balance-sheet showed value of these assets at Rs. 54,52,180 whereas the written down value as per the depreciation record in the income-tax file was Rs. 44,79,088. It was urged bef...
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