Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 1 short title extent and commencement Court: income tax appellate tribunal itat guwahati Page 1 of about 4 results (0.108 seconds)

Wealth-tax Officer Vs. Abdul Malik

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1990)32ITD125(Gau.)

..... of the revenue is that the appellate assistant commissioner of wealth-tax erred in directing the wealth-tax officer to allow the entire tax liability without reference to the provision of section 2(m)(iii) of the wealth-tax act. ..... concluded that as the liabilities for the taxes were not in existence on the date of valuation, these cannot be said to be debts in terms of section 2(iii) of the wealth-tax act. ..... assessment order for the assessment year 1967-68 in the case of shri abdul malik passed by the wealth-tax officer under section 16(5)/23/17, it was mentioned that the assessment was made originally and later on it was set aside by the a.a.c. ..... w.t.o.mentioned that on 27-8-1970 there was a search and seizure under section 132(1) of the income-tax act,1961, in the business premises of the firm ..... in the case before us the w.t.o allowed the wealth-tax liabilities of the assessee in computing the net wealth of the assessee for that very year and this point was not agitated by the assessee before ..... of an appeal the appellate tribunal may give leave to the assessee to urge grounds not set forth in the appeal and in deciding the appeal the tribunal is not restricted to the grounds set forth in the appeal or taken by leave by the tribunal and the appellate tribunal is not precluded from adjusting the tax liabilities of the assessee in the light of its findings merely because the findings are inconsistent with the case pleaded by ..... the extent that the ..... in short, it is urged that the order of .....

Rameshwar Prasad Goenka Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1991)37ITD112(Gau.)

..... was after considering rule 2 of the wealth-tax rules read with section 2(m) of the wealth-tax act. ..... in the case of huf, the situation is different as the huf itself is an assessee under the wealth-tax act and in that situation, the coparceners constituting that huf is not liable to wealth-tax pertaining to the interest in the properties of the huf. ..... is also submitted that the provisions of the estate duty act and wealth-tax act are different and, therefore, no analogy can be drawn therefrom. ..... the present case is under the wealth-tax act and the provision regarding exemption has been ..... the wealth-tax act, the liability would arise out of ownership of the asset and not ..... cases, it was held that the firm is not an wealth-tax assessee and in calculating the net wealth of the firm, allocation to the partners would have to be made but at that stage exemption under section 5(7) would not come in the computation. ..... for the purpose of computation of income under the income-tax act and in particular in respect of section 9 of the indian income-tax act, 1922, the hon'ble supreme court in the case ..... in which it was held that a partition cannot be treated as a conveyance but is really a process in and by which a joint enjoyment is transformed into an enjoyment in severalty and that each one of the sharers had an antecedent title and, therefore, no conveyance was involved in the process. ..... the case of gowli buddanna (supra), the observation of the judicial committee as observed at page 543 (1957), a.c. .....

Wealth-tax Officer Vs. R.K. Bhattacharjee

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1986)15ITD503(Gau.)

..... now, under section 3 of the wealth-tax act, 1957 ('the act'), wealth-tax is chargeable in respect of net wealth of the assessee ..... to wealth-tax arises out of the ownership of the asset and not otherwise ..... 1,07,148 and, therefore, brought to wealth-tax the balance interest amount of ..... 'net wealth' is defined in section 2(m) of the act and it means the amount by which the aggregate value of all the assets belonging to the assessee on the valuation date is in excess of aggregate value of all the debts owed by the assessee on the valuation ..... appears that the appeals were filed against the judgment of decree passed by the sub-judge, silchar, in the aforesaid two suits and the judgment and decree passed by the trial court in each suit were set aside by the hon'ble gauhati high court. ..... the basis of what has been submitted before us on behalf of the revenue, we can safely conclude that the assessee's right to recover compensation or damages by way of interest for breach of a contract is a mere right to sue and is not an actionable claim and is, therefore, not transferable in view of the clear provisions of section 6(e) of the transfer of property act, 1882. ..... was further pointed out that the money received by the assessee as pendente lite interest under the decrees passed by the sub-judge, silchar, is still in his hands and, therefore, the wto was fully justified in including the amount of pendente lite interest in the net wealth of the assessee for the assessment years 1968-69 to 1973-74. .....

Joharmal Murlidhar and Co. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1990)32ITD204(Gau.)

..... wealth-tax act that the order of the w.t.o. ..... vanavarayar [1980] 122 itr 185, in which it was held that the order of the wto was to exercise the powers under section 18(1)(a) for levy of penalty and that order was independent in existence and, therefore, the appeal against that order was competent, in the case of ito v. ..... as pointed out above, the commissioner of income-tax under section 264 can only pass an order favourable to the assessee and not an order which is prejudicial to the interest of the assessee in view of the clear provisions of section 264 and obviously an order under section 264 is not appealable. ..... in case the regular commissioner of income-tax declined to accede to certain relief to the assessee under section 264 that by itself would not nullify the claim of the assessee on merits notwithstanding to be dealt with and considered by the appellate authorities having independent powers, so that justice can be administered. ..... in our opinion, a right of the assessee to approach the commissioner of income-tax under section 264 and the right of appeal by the assessee before the first appellate authority, are independent and are alternative. ..... the commissioner of income-tax may not pass an order in favour of the assessee and an order under section 264 can be said to be prejudicial to the assessee only when he is, a s a result of it, in a different or worse position than that in which he was placed by the order. .....

Wealth-tax Officer Vs. Pabitra Kr. Barua

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1983)5ITD420(Gau.)

..... , the right to receive compensation was property and as such assessable for the purpose of the wealth-tax act, 1957 ('the act'). ..... to the departmental representative, the returns of wealth for the last four years were filed on 29-3-1979 and the assessments were made within one year of the filing of the returns and were, therefore, in time keeping in view the provisions of both the clauses (a) and (b) of section 17a(1), according to which the same can be made either within four years from the end of the assessment year in which the net wealth was assessable or one from the date ..... of the filing of the return or a revised return under section 15 of the act, whichever is later. ..... after carefully considering all the facts and circumstances of the case, we are of the opinion that although the wto may not be entitled to call for the returns from the assessee under clause (a) or (b) of section 17(1), but there was no bar upon the assessee to file these returns because under section 15, if any person has not furnished any return within the time allowed under section 14 of the act, he may furnish a return at any time before the .....

Ka Krom Rapsang Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1990)34ITD316(Gau.)

..... it is urged that the wto has brought out materials and relevant facts on record to show that the assessee being the owner of those properties did conceal those items from the wealth-tax returns and, therefore, the provisions of section 18(1)(c) have been properly applied by the wto and correctly sustained by the cwt(a). ..... cit [1971] 82 itr 570 the hon'ble supreme court dealing with section 9 of the indian income-tax act, 1922, on the facts and in the context of that case held that the ownership must be the person who can exercise the rights of the owner, not on behalf of the owner but in his own right. ..... thus, at least to the extent of the superstructure in the form a godown of assam type is concerned, we find no material as to why the assessee has not shown the same in the wealth-tax return for the year.22. ..... in other words, the period of the lease had expired to some extent and thereby leaving shorter period of the unexpired period of the lease. ..... 6,740 under section 18(1)(a) of the wt act, 1957, for the assessment year 1983-84.12. ..... in short, it is urged that on the facts of the case, the penalty for all the above years was not justified, specially when the assessee has co-operated all throughout to the extent possible and had in fact accepted the order of the assessing officer though not factually acceptable to the assessee.9. ..... to a limited extent we agree with the inferences of the authorities below in respect of this property. .....

Second Gift-tax Officer Vs. N. Prasanna

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1990)35ITD597(Gau.)

..... was shown in the wealth-tax return for 1979-80, which was just before commencement of the partnership and that value was supported by the assessee's approved valuer and was assessed to wealth-tax as such. ..... [ 1974] 96 itr 365 with emphasis at page 369, in which amongst other things, it was observed that it is obvious that section 4(1)(b) of the gift-tax act is attracted only when there is a transfer stated in the document to be for consideration, but the consideration has not passed and is not intended to be passed either in full or in part and when there is no consideration at all, the case will not come within the definition of 'gift' in section 2(xii) and not section 4(1)(b). ..... act, which provides exemption to any gift made in course of carrying on a business to the extent to which the gift is proved to the satisfaction of the assessing officer to have been made bona fide for the purpose of such business, ..... 369 (middle), it was observed amongst other things, that where no consideration at all is recited, but nevertheless there is transfer of title, the case will come within the ambit of section 2(xii) and not under section 4(1)(b).21. ..... , to the extent of the assessee's share in the interest of the firm, the same has to be excluded and only the remaining part will have to be taken into account in the matter of computing the value of the gift, in ..... the revenue is that this property having such market value, the assessee's capital account was credited only to the extent of rs. .....

income-tax Officer Vs. R.K. Swamy

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1990)35ITD331(Gau.)

..... cit [1980] 123 itr 659,m which on the facts of that case, it was held that it is now well settled that for the purpose of income-tax act, a firm is a legal entity and is capable of owning capital assets and is liable to tax in respect of a capital gains. ..... amongst other things, it is emphasised that in the present case, there was no dissolution of the firm and section 49 would not be attracted and, therefore, cost to the partners will have to be ascertained on the basis of the cost acquired by the previous owner, i.e ..... it is submitted that although that was the case of the wealth-tax matters under the wealth-tax provision but the ratio decidendi would be applicable to the present issue for adjudication ..... as contended by the assessee's learned counsel a partner would not be liable to capital gains, if such partner takes over assets of the business but that would be correct to say in view of section 47, when the partnership is dissolved and one partner or all partners take over any of the assets of the business from the dissolution of the partnership. ..... he considered the facts of the case and noted that absolute ownership and title to the property was obtained by the assessees only on 11-8-1982 and the subsequent sale made by the partners on 31-12-1982 resulted in the transaction which gave rise to the short term capital gains. ..... it was also stressed that as per section 49, the property was obtained by succession or devolution and as such the property should be held as a long term capital .....

inspecting Assistant Vs. Tarajan Tea Co. (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1988)24ITD440(Gau.)

..... the said explanation reads as follows : explanation 2 : production before the income-tax officer of account books or other evidence from which material evidence could with due dilingence have been discovered by the income-tax officer will not necessarily amount to disclosure within the meaning of this section.there was a similar explanation to section 34 of the income-tax act, 1922. ..... (a)/144b dated 16-7-1932 by raising the following ground : for that the learned cit(a) erred in cancelling the reassessment under the provisions of section 147(a).however, during the course of hearing before us, an additional ground was raised by the learned departmental representative, which reads as under : the learned commissioner of income-tax (appeals) erred in holding that the assessment is barred by limitation.after hearing both the parties, we have admitted the said additional ground ..... the departmental representative with reference to explanation 2 to section 147 argued that the assessee having not furnished the details called for by the ito in his letter dated 14-10-1976 failed to disclose fully and truly the nature of the receipt shown in the profit and loss account to the extent of rs. ..... the date of acquisition of the assets, whether long term or short term cost to the assessee, cost of improvement of any, fair market value as on 1-1-1971 etc. ..... as they obtained the licence from the assessee to exploit the natural wealth of the assessee, namely, the standing trees. .....

Shrimanta Shankar Academy Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Guwahati

..... directed against the order of commissioner of income-tax refusing to grant registration under section 12a of the income-tax act, 1961 (the act) to the assessee for assessment year 2002-03.2. ..... order under section 12aa on 1.10.2004 as under: shrimanta shankar academy, panbazar, guwahati as constituted by the memorandum of association registered with the registrar of societies, assam, guwahati on 19.06.1992 had filed an application for registration under clause (a) of section 12a of the income-tax act, 1961 in ..... of one year from the date of the creation of the trust or the establishment of the institution, [whichever is later and such trust or institution is registered under section 12aa]: [provided that where an application for registration of the trust or institution is made after the expiry of the period aforesaid, the provisions of sections 11 and 12 shall apply in relation to the income of such trust or institution,-- (i) from the date of the creation of the ..... separate application under section 10(23c) of the act for getting approval as an educational institution to the chief commissioner of income-tax (ccit) and those applications are stated ..... and circumstances of the case, only reasonable order can be to read order dated 1.10.2004 as effective from "1.4.2001" in place of "1.4.2003" and treat it modified and rectified to the above extent ..... title it was application only for the assessment year 2002-03, but in para-4 approval (registration) was sought for assessment years 2002-03 and .....