Wealth Tax Act - Judgment Search Results

Cit Vs. C.A. Taktawala

Court: Supreme Court of India

Reported in: [2009]309ITR340(SC)

the substantial question of law under Section 260A of the Income Tax Act, 1961 (sic. Section 27A of Wealth Tax Act, 1957).4. We quote hereinbelow for the sake of convenience the said question:Whether the Tribunal was right in law … Tribunal was right in law and on facts in cancelling the penalty levied under Section 18(1)(c) of the Wealth Tax Act, on the ground that benefit under the Amnesty Scheme was available to the assessee, particularly when subsequent to

Commissioner of Wealth-tax Vs. A.A. Patel (Decd. by Lrs.)

Court: Supreme Court of India

Reported in: (2002)174CTR(SC)218; [2002]254ITR487(SC)

compliance with the directions of the Appellate Assistant Commissioner cannot be a reference under Section 16A of the Wealth-tax Act, 1957 ? (2) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal … of the Appellate Assistant Commissioner's directions, is not binding on the Wealth-tax Officer under Section 16A(6) of the Wealth-tax Act ? (3) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is

Commissioner of Wealth Tax, Hyderabad Vs. Trustees of Heh

Court: Supreme Court of India

Reported in: 2003(2)CTC693; (2003)181CTR(SC)385; [2003]261ITR690(SC); JT2003(4)SC224; 2003(4)SCALE219; (2003)5SCC122; [2003]3SCR662

submit that the High Court went wrong in interpreting the provisions of Sections 21(1) and 24 of the Wealth Tax Act, 1957 insofar as it failed to appropriately apply the legal fiction created thereunder. The learned counsel would contend … case (supra).7. Mr. Bhatt would urge that having regard to the provisions contained in Section 21 of the Wealth Tax Act, the same principles of valuation would apply in relation to the jewelleries held by remaindermen despite the fact

Commissioner of Wealth-tax Vs. Trustees of H.E.H. the Nizam's W.G. Tru ...

Court: Supreme Court of India

Reported in: [2002]254ITR551(SC)

to wear the jewellery is not an asset so as to be assessed under Section 21(1) of the Wealth-tax Act, 1957, in the hands of the trust representing the beneficiary, even after the retrospective amendment of section 5(1)(viii) … the hands of the trust representing the beneficiary, even after the retrospective amendment of section 5(1)(viii) of the Wealth-tax Act, 1957, by the Finance (No. 2) Act, 1971 ?'3. The High Court declined to call for the references.

The Commissioner of Wealth Tax, Rajasthan Vs. Her Highness Maharani Ga ...

Court: Supreme Court of India

Reported in: [1971]82ITR699(SC); (1972)4SCC331; [1972]1SCR707; 1972(4)LC151(SC); 1971(4)WLN90

corpus of the trust and whether the same can be brought to tax under the provisions of the Wealth Tax Act, 1957 (to be hereinafter referred to as the Act). The Wealth-tax Officer came to the conclusion that the … of Mohamedan law is 'property' and is covered by the definition of 'assets' in Section 2(e) of the Wealth Tax Act, 1957 and the capitalised value of that right is assessable to wealth tax.6. In Commissioner of Wealth Tax,

Ramkrishna Bajaj (HUF), Wardha and Others Vs. The Commissioner of Weal ...

Court: Mumbai Nagpur

that unlike section 3(1) (f) of the Income Tax Act, there was no similar specific provision in the Wealth-tax Act or in the Rules that while ascertaining the partner's interest, the valuation date would be the last date … B.P. Dharmadhikari, J. 1. This reference under the Wealth-tax Act, 1957 is arising out of total eight reference applications moved by different assessees after adjudication of their grievances

Commissioner of Wealth Tax Vs. Shyam Mohan

Court: Rajasthan

Reported in: (2007)210CTR(Raj)219; [2009]313ITR416(Raj); RLW2007(3)Raj2101

5(1)(xxxii) of the WT Act, 1957.22. We answer the reference accordingly. No order as to costs. Head Note: WEALTH TAX ACT, 1957 . Valuation--Partner's interest in firm Condition precedent for applicability of Rule 2B--As the revenue failed to prove … closing stock of assessee exceeded the value as shown in the firm's account more than 20 per cent. Wealth Tax Act, 1957 Section 7 Wealth Tax Rules, 1957 Rule 2B Exemption under Section 5(1)(xxxii)--Partner's interest in firm's assetsFirm engaged

Cwt Vs. Manna Lal Surana

Court: Rajasthan

Reported in: [2009]184TAXMAN448(Raj)

to 1971-72 arrived at with the Commissioner on 24-3-1975 was allowable as a deduction under Section 2(m)(iii) of Wealth Tax Act, 1957 ?2. Whether on the facts and circumstances of the case the Tribunal was justified in holding that … on Deepawali of 1975 and as such were not liable to be deducted under Section 2(m)(iii) of the Wealth Tax Act, 1957.3. Aggrieved by the order of the Wealth Tax Officer, an appeal was preferred by the assessee and

The Commissioner of Wealth-tax Vs. M/S. Kumudam Printers Pvt. Ltd.

Court: Chennai

a net wealth of Rs.5,58,900/-. In order to regularise the return, a notice under Section 17 of the Wealth Tax Act, was issued to the assessee. In response to the notice, the assessee had stated that the return filed … are answered against the Revenue and in favour of the assessee. Accordingly, these appeals are dismissed. No costs. Wealth Tax Act - Section 17 -- Similarly, the assessee allotted the premises at Door No.20, Hunters Road to the Managing Director

The Commissioner of Income Tax Coimbatore Vs. M/S. Elgi Ultra Industri ...

Court: Chennai

566 - C.I.T v. V.O.RAMALINGAM, this Court considered the meaning of manufacture or processing of goods under the Wealth Tax Act. This Court pointed out that, "............... There should be no misapprehension that "engaged in manufacturing" postulates the assessee's … that bleaching of grey yarn and colouring done through job worker is covered by Section 5(1)(xxxii) of the Wealth Tax Act. 12. As far as the decision of the Apex Court reported in 225 ITR 814 - CHILLIES EXPORTS