Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)87ITD359(Hyd.)
..... reads as under- if the legislative intent had been to accord total discretion to the wealth-tax officer to make a reference to the valuation officer or not in cases which were covered by clauses (a) and (b) of sub-section (1) of section 16a of the wealth-tax act, 1957, that is, where the difference between the value of assets returned and the fair market value of assets as estimated by the wealth-tax officer is more than the limit prescribed under rule 3b of the wealth-tax rules, 1957, then where was no necessity of providing the guidelines in clause (a) or in ..... valuation date determined in the manner laid down in schedule-iii.section 16a, involving reference to valuation officer, to the extent relevant for our purposes, reads as under:- 16a(1) for the purpose of making an assessment (including an assessment in respect of any assessment year commencing before the date of coming into force of this section) under this act, where under the provisions of section 7 read with the rules made under this act or, as the case may be, the rules in schedule iii, ..... above, the union government has clearly got the option to acquire/purchase or not to acquire/purchase any of the items.when such a wide open option lies with the union government, it is futile to think that the title in the jewellery passed to the union government and so, what was receivable in return was only the ..... . the said order, being a short one, we deem it fit to reproduce the same and it reads as under :- 1 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)49ITD275(Hyd.)
..... similar amendments have been carried out to section 25 of the wealth-tax act, 1957 and section 24 of the gift-tax act, 1958. ..... merged with the original assessment order, it is the original assessment order which is amenable to revisional jurisdiction, but not the assessment order in which the appellate order partially merged (31-3-1989) is in utter disregard of the clear and unambiguous provisions of explanation (c) to section 25(2) of the wealth-tax act and hence such an argument cannot be countenanced or upheld. ..... are not covered by the appellate order are left untouched and to that extent, the income-tax officer's assessment order survives permitting exercise of revisional jurisdiction by the commissioner under section 263 of the act.the opposite view was that the entire order passed by the assessing officer merged in the first appellate order and no part of it can be subjected to revision under section 263(1) of the income-tax act and 25(2) of the wealth-tax act irrespective of the points urged by the party or decided by the ..... in the penultimate para of the judgment the orissa high court held the following: to put in short, the scope of fresh assessment following the appellate order depends on the subject-matter of the appeal and the appellate order read as a whole in its proper context. ..... in short, the contention is that the original assessment may form the subject of revision and not the fresh assessments made as per the directions of the commissioner of income-tax (appeals).10 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)94ITD21(Hyd.)
..... however, the fact remains that a reference under wealth-tax act is permissible under section 27 of wealth-tax act and similar provisions are contained for filing reference applications under other direct taxes, but still if we have to give a meaning to para-5 of the instruction, it has to be understood ..... are sought to be brought under tax net under the wealth-tax act and also due to enhancement of basic exemption limit, there would be very few cases where the tax effect in wealth-tax appeals would exceed rs. ..... dr submitted that the cbdt never intended to enhance the monetary limits with regard to the appeals to be filed under wealth-tax act since the tax rates under wealth-tax act were drastically reduced from 3 to 1% during the above period and many assets were taken out of tax net. ..... dr submitted that in respect of appeals filed under the wealth-tax act different monetary limits are prescribed by the cbdt and thus the appeals were filed in consonance with the policy decision ..... the board might have, under peculiar circumstances, thought fit not be enhance the monetary limit in respect of the departmental appeals filed under the wealth-tax act.as directed by the bench, the d/r filed a copy of instruction no. ..... in short, the case of the learned counsel is that though the circular of cbdt is not binding on the appellate authorities, it can direct the officers to follow the instructions, being issued in exercise of powers under section 119 of the act, and thus the tribunal is competent to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD256(Hyd.)
..... even where it is retrospective in operation, the courts should confine its operation only to the extent the language renders it necessary.7.3.p further, in the case of uppala peda venkataramanaiah (1964 lll itr -short notes of current cases- 2) relied upon by the assessee, examining the retrospective or otherwise nature of the provisions of section 155 of the income tax act, 1961, hon'ble andhra pradesh high court held as follows- (ii) that in the absence of express words or necessary implication to the contrary a statute ..... examining the retrospective or otherwise nature of amendment of section 40 of finance act, 1983 by finance act, 1988, for purposes of wealth tax act, the hon'ble madras high court held- the test to be applied for deciding as to whether a later amendment should be given retrospective effect, despite a legislative declaration specifying a prospective date as the date from which the ..... it was held in that context that a legislature is competent to remove infirmities retrospectively and make any imposition of tax declared invalid, valid.7.3.o in the case of kanmarlapudi lakshminarayand chetty (air 1957 ap 159) relied upon by the assessee before us, hon'ble a.p. ..... we are fortified in this behalf by the following corroborative features that indicate the legal deficiencies in this case- (a)the impugned order of the cit dated 26.7.2004 bears the title 'order of cancellation of registration granted under section 12aa of the income-tax act, 1961'. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)53ITD109(Hyd.)
..... therefore, it is clear that the notice under section 17 of the wealth-tax act, 1957 was issued under an erroneous impression.on a reading of this letter, it is clear that ..... filed by the trustees wherein it is submitted that the provisions of section 21(4) of the wt act, 1957, are not applicable to the facts of this trust as the beneficiaries are known and determinate on each of the valuation dates. ..... prince shahmat ali khan, submitted before the commissioner of wealth-tax (appeals) that his interest is contingent and what he ultimately gets as per the terms of the ..... the assessment under sub-section (1) of section 21 is made on the trustee in respect of the trust properties held by him and wealth-tax is levied upon him "in the like manner and to the same extent" as it would be leviable on the beneficiaries for ..... such property provided further that in the event of the said prince failing to carry out such repairs or to pay such taxes or other outgoings in respect of the said property as aforesaid the trustees shall be at liberty to themselves carry out the repairs and pay all such taxes and outgoings in respect of such property and to deduct the amount of moneys so expended or paid out of the moneys receivable by the trustees from the government of india ..... nizam's family (remainder wealth) trust [1977] 108 itr 555, the trustees are to be assessed only with regard to the beneficial interest of the beneficiaries in the like manner and to the same extent as if the assessments were to be made .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)53ITD495(Hyd.)
..... these appeals, the dispute is against assessments made under section 21(1) of the wealth-tax act, 1957, bringing to tax the entire value of the assets held by the ..... erected by them for the said fatima fouzia under the foregoing provisions hereof or any portion or portions thereof at such price or prices and on such terms and conditions relating to title or otherwise in all respects as they shall think fit and to buy in or rescind or vary any contract for sale, transfer or assignment and to re-sell the same or enter into a fresh contract for sale, transfer or assignment thereof without being answerable for any loss occasioned ..... to the said fatima fouzia absolutely, provided, however, that if prior to the said fatima fouzia completing the age of 21 years, the trustees so think fit, they may at any time and from time to time spend or utilise the accumulations of the said income or any part thereof for the maintenance education or other benefit of the said fatima fouzia to such extent and in such manner as they may in their absolute discretion think fit. ..... of assets chargeable to tax under this act, which are held by any trustee appointed under a trust declared by a duly executed instrument in writing, the wealth-tax shall be levied upon and recoverable from the trustee, in the like manner and to the same extent as it would be leviable upon and recoverable from the person on whose behalf (or for whose benefit) the assets are held and the provisions of this act shall apply accordingly. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)34ITD112(Hyd.)
..... 175 itr 184.the question which was referred to the rajasthan high court for decision was the following: "whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that since the settlement was not the result of the application of any provision of the income-tax act, 1961, and the wealth-tax act, 1957,itwas not income-tax and wealth-tax liability within the meaning of section 2(m)(iii) of the wealth-tax act, 1957,andthattheliabilitypertainingto the assessment years 1967-68 to 1969-70 determined at rs ..... .), wherein it has been held that the tax liability determined as a result of settlement was allowable as deduction under section 2(m) of the wealth-tax act, 1957 for the purpose of computation of net wealth.hence the question referred was answered in favour of the assessee ..... a reference was made to the valuation of sudarshan 70 mm theatre for wealth-tax purposes for the assessment years 1978-79,1979-80,1980-81,1981-82 and 1982-83 under section 16aofthe wealth-tax act. ..... . 16,50,000 on march 24,1975, was allowable as a deduction under section 2(m) of the wealth-tax act, for determination of the net wealth for the assessment year 1972-73 ..... it is also stated that from out of the above extent an extent of 326.33 sq.mtrs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48ITD87(Hyd.)
..... applications under section 35 of the wealth-tax act to the wealth-tax officer on the ground that it was an error apparent on the face of the records.applications were rejected and they were confirmed by the commissioner.the petitioner filed writ petition in the high court to quash the orders refusing to rectify the assessment orders and for a direction ..... had crept into his modificatory order dated 10-9-1990 and, therefore, he modified it further by another order passed under section 154 of the income-tax act on 19-3-1991 forming the basis of the present ..... the income-tax officer found that under section 32 of the income-tax act, depreciation is admissible only on four types of assets - buildings, machinery, plant and furniture - and that stock cannot be treated as plants in the assessee's case as it is not the tool with the help ..... the supreme court it has to be held that provision for taxation was a debt owed within the meaning of section 2(m) of the act and, therefore, it was deductible in computing the net wealth of the assessee and, therefore, there was clearly an error of law apparent on the face of the records for the assessment years ..... 1957-58, 1958-59 and 1959-60, the petitioner-company claimed certain amount in each year as deduction in respect of provision for taxation but the claim was disallowed on the ground that the amount provided towards tax liability did not constitute debt owed from the petitioner on the relevant valuation date within the meaning of section ..... act, 1957 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)52ITD316(Hyd.)
..... 1957, the wealth-tax act ..... would appear that ameena marzia suggested to the high court that the entire jewellery mentioned in the first and second schedules may be sold and the sale proceeds may be invested in capital gains units and other securities and that out of the income arising on such investments the recurring tax demands of wealth-tax may be met.fatima fouzia who was also one of the respondents to the crp filed in the ..... civil court under section 34 of the indian trusts act for directions particularly on the aspect as to how best the arrear wealth-tax demands should ..... the interest held by fatima fouzia in the jewellery can be treated as property/asset for the purposes of assessing the value of the said jewellery for wealth-tax on the representative-assessee as representing fatima fouzia came up for consideration before the tribunal in the case of trustees of wedding gifts trust of heh the ..... under the trust deed in relation to the jewelleries specified in the first schedule by the date of its sale and also the nature and extent of their beneficial interest and then decide as to in whose hands the capital gains that arose on the sale of the jewellery should be assessed whether under section 161 or under section 164 of the it act.11. ..... 2 of the trust deed titled, the wedding gifts trust of the heh the nizam's two grand daughters.further, the tribunal held that fatima fouzia and ameena marzia cannot be termed as beneficiaries as their right two wear jewellery cannot be considered .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)6ITD362(Hyd.)
..... during the time of the wealth-tax assessment for 1976-77 the assessee raised the plea that the provisions of section 16(3)(a)(ii) of the indian income-tax act, 1922, corresponding to section 4(1)(a) of the wealth-tax act, 1957, applies only where relationship of husband and wife subsists not only at the time of accrual of income from the assets transferred but also when transfer of assets took place. ..... is it on the date of execution of the sale deed which was subsequently registered or is it when the deed was presented for registration or is copied in the registration book, is a vital question from the standpoint of the income-tax act and the wealth-tax-act because the date of transmission of title from the vendor to the vendee is extremely relevant for determining who is liable to bear the tax burden. ..... 417 where it is held that the period of three months under section 54 of the provincial insolvency act in the case of mortgage deed which is compulsorily registrable commences from the date of execution of the deed and not from that of registration as the deed of registration takes effect from the former date under section 47 of the registration act. ..... in this case we are concerned with the date of transfer of the asset under section 64(1)(iv) and also about the ownership of the asset under section 3 of the wealth-tax act. .....
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