Court : Mumbai
Reported in : [2003]264ITR667(Bom)
..... assessee-company filed its return of wealth on april 13, 1992, in response to a notice under section 17(1) of the wealth-tax act, 1957, declaring the net wealth of rupees nil, the assessing officer calculated the net wealth of the assessee-company at ..... income-tax (appeals) has merely directed valuation of the property as per schedule iii to the wealth-tax act. ..... income-tax (appeals) has merely directed the assessing officer to revalue the property after taking into account the principles mentioned in schedule iii to the wealth-tax act. ..... the decision of the tribunal, the department has filed this appeal under section 260a of the income-tax act, 1961.facts :3. ..... is in respect of the assessment year 1992-93 and the wealth-tax appeal no. ..... the matter, the commissioner of income-tax (appeals) further observed that the rate of capitalisation should be worked out on a scientific basis and, consequently, the assessing officer was directed to apply schedule iii to the wealth-tax act and revalue the property on that basis. ..... is in respect of the assessment year 1989-90, wealth-tax appeal no. ..... wealth-tax ..... on behalf of the department that, in this matter, the department has come in appeal before the high court as the commissioner of income-tax (appeals) has laid down a principle of law while remanding the matter to the assessing officer. ..... above three appeals deal with common question of facts and, therefore, they are disposed of by this common ..... 4,000 and not total compensation received by the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)82ITD573(Mum.)
..... the only question in all these appeals is whether the stock exchange card held by the assessees in the bombay stock exchange is an asset within the meaning of section 2(e) of the wealth-tax act, 1957, and consequently wealth-tax is payable thereon.2. ..... before the arguments commenced, it was announced by the bench that if the judgment of the supreme court cited above is found to be applicable, then the view taken in the orders of the tribunal passed earlier following the said judgment would be followed and, on the other hand, if the said judgment was found not applicable to the wealth-tax act consistent with the principles of judicial discipline and decorum and also consistent with the practice adopted in the tribunal in such ..... not only this, it is also to be noticed that the supreme court in terms held, on a perusal of the rules of the ase, which are similar to those of bse that (page 214 of 248 itr): "on a plain and combined reading of the rules, it is clear that the right of membership is merely a personal privilege granted to a member, it is non-transferable and incapable of alienation by the member or his legal representatives and heirs except to the limited extent as provided in the rules on fulfilment of conditions provided therein. ..... in their booklet titled "intangibles--a compendium" published by the bombay chartered accountants society, it has been opined that the membership card of the bse is a commercial right and is therefore an intangible asset eligible for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)40ITD142(Mum.)
..... we are, therefore, of the opinion that the cit(a) was wholly unjustified in holding first that this was a right exigible to tax within the meaning of section 2(m) read with section 3 of the wealth-tax act and in further valuing such right, in our opinion, on a somewhat ad hoc basis at 15% of the market value of the gold under the relevant ..... relevant valuation dates, the impugned gold did not constitute an asset belonging to the appellants (assessees) on the relevant valuation dates and, therefore, could not be brought within the charge of the wealth-tax act.10.2 the next issue which emanates from the argument about relating back is whether an asset which by subsequent event is deemed to be belonging to the assessee can be brought to tax for an earlier year under section 3 read with section 7(1) of the wealth-tax act by operation of the concept of deeming. ..... the short issue for consideration before us is whether on the facts stated above the value of the gold could be brought to tax as an asset belonging to the assessees concerned on the relevant valuation dates, and if it could be so assessed to wealth-tax, what should be the value of ..... (3) the order of confiscation transfer absolute title to the government by immunising the offending goods of ..... to this extent, we agree that we cannot bring to tax in the hands of the assessees assets which they did not possess on the valuation dates, which did not belong to them on the valuation date, which they could not transfer or gift away on .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1966Bom166; (1965)67BOMLR659; ILR1965Bom1054
..... although therefore the charging section of the wealth tax act says that the tax will be charged for the financial year commencing from the 1st of april, 1957, there will actually be no wealth that from a certain financial years onwards the wealth tax should be abolished either completely or partially or that is should be amended as increase the burden or grant itself relief against the increase the will not take effect in spite of the said intention of the legislation for at least a ..... that section reads as follows:'subject to the other provisions contained in this act, there shall be charged for every financial year commencing on the and from that first day of april 1957, a tax (hereinafter referred to as wealth tax) in respect of the net wealth of the corresponding valuation date of the every, individual hindu undivided family and company at the rate oft specified in the schedule'.assessment year' under the act means the year for which tax is chargeable under s. ..... the charging section of the wealth tax act, however, has got to be interpreted on its own languages and in view of the scheme under the wealth and tax act and in giving out construction had interpretation in to said section we have property borne in mind the difference in the scheme of the two act, to which mr. ..... wealth tax act along with its schedule and the rates specified therein came into operation only on the 1st april 1957. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1993)47ITD255(Mum.)
..... the term 'net wealth' is defined in section 2(m) of the wealth-tax act, according to which it means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets wherever located belonging to the assessee on the valuation date is in excess of the aggregate value of the debts owed by him ..... of the appellant forms a part of the appellant's net wealth under section 2(m) of the wealth-tax act. ..... under section 4(1)(b) of the wealth-tax act, where the assessee is a partner in a firm or a member of an association of persons, the value of his interest in the firm or association shall be ..... that the assessees had objected the action of the assessing officer in bringing deemed gift to tax and, consequently, holding that the assessees are liable under the wealth-tax act in respect of the value of the assets as on the valuation date. ..... the extent there is a lack of consideration, there is a deemed gift assessable under the provisions of gift-tax act, 1958.it was vehemently argued that the orders of the commissioner of income-tax (appeals) be confirmed.2.3 we have carefully considered the rival submissions in the light of the materials produced before us and we are unable to agree that there is a gift assessable under gift-tax act, 1958 in the facts and circumstances ..... rule 2 of the wealth-tax rules, 1957, which provides for the computation of the value of interest of a partner in a firm, directs the determination of such value in accordance .....
Tag this Judgment!Court : Mumbai
Reported in : [1977]106ITR709(Bom)
..... that the earlier view was in the context of the provisions of section 4(3)(i) of the indian income-tax act, 1922, which are not the same as the provisions of section 5(1)(i) of the wealth-tax act, 1957, and consequently although the property held under trust may not be wholly for religious or charitable purposes as required under section 4(3)(i) of the indian income-tax act, the trust may nevertheless be a trust for a public purpose of a charitable nature within the meaning of section 5(1)(i) of the wealth-tax act. ..... from affliction and trouble; and (5) payment of certain amounts for the necessary death ceremonies, if within five years of the death of ..... the members of the families of the settlor and his brothers; (2) for baj rojgar (ceremonies) as may have to be performed in connection with the members of the settlor's family; (3) for continuing allowances to several poor zoroastrians of kalyan and bombay to whom the settlor was making allowances and payments, but to the extent and in the amounts as the trustees may consider proper ; (4) for helping the settlor's servants and attendants and others of whatever caste to relieve them .....
Tag this Judgment!Court : Mumbai
Reported in : [1973]90ITR429(Bom)
..... after considering section 19 along with the definitions contained in the act and sections 4 and 5, the division bench held that there was no provision in the wealth-tax act in respect of assessing wealth-tax on the estate left by a deceased individual except to the extent as provided in section 19. ..... mentioned in the petition in respect of the estate left by navinchandra for the assessment year 1961-62, that there was no provision in the wealth-tax act that was applicable to the estate left by navinchandra and in the hands of the petitioners during the assessment year 1961-62 and that the income-tax appellate tribunal proceeded to decide the matters of wealth tax by their orders mentioned above when the law did not authorise them to deal with the matters to decide that. ..... the facts of the present case are altogether different because there was no provision whatsoever in the wealth-tax act in respect of levy of assessment of wealth-tax on the estate left by the deceased person except to the limited extent of the one assessment year up to the death of a deceased person. ..... daga contended before a division bench of this court that there was no provision in the wealth-tax act, 1957, entitling the revenue to charge wealth-tax in respect of the wealth of a deceased person from after the financial year next to the financial year in which such person dies. .....
Tag this Judgment!Court : Mumbai
Reported in : [1968]70ITR600(Bom)
..... . they cannot be treated as an association of persons and exempted from wealth-tax on the ground that an association of persons is not an entity mentioned in the charging section of the wealth-tax act, 1957 ..... . notwithstanding that trustee hold property for the benefit of beneficiaries and not on their behalf, section 21(1) applies to them and they are liable to pay wealth-tax only 'in like manner and to the same extent as it would be livable upon and recoverable from any such beneficialy'.' 33 ..... trustee appointed under a trust declared by a duly executed instrument in writing, whether testamentary or otherwise (including a trustee under a valid deed of wakf), the wealth-tax shall be levied upon and recoverable from the court of words, administrator-general, official trustee, receiver, manager or trustee, as the case may be, in the like manner and to the same extent as it would be livable upon and recoverable from the person on whose behalf the assets are held, and the provisions of this act, shall apply accordingly.' 28 ..... . the calcutta high court, however, pointed out that under section 21(1) of the wealth-tax act, wealth-tax was to be levied upon the trustee in the like manner and to the same extent as it would be livable upon and recoverable from the person on whose behalf the assets were held, and the question to be considered was whether in giving effect to the said provision a trustee could be said to hold the property on behalf of the beneficiaries .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]114ITR732(Bom)
..... thus, the following three questions have been referred to this court under section 27(1) of the wealth-tax act; (1) whether, on the facts and in the circumstances of the case, for the purposes of including in the net wealth of the company for the assessment years 1957-58 and 1958-59 the value of the fixed assists of the company should be taken at the written down value thereof as determined under the income-tax or at the written down value as shown in the balance-sheet on the relevant valuation ..... then after referring to the provisions of section 3 of the wealth-tax act, it was further observed : 'such net wealth is to be computed in the manner indicated in section 4 and the assets which are to be exempted from the computation of the net wealth are enumerated in section 5. ..... . thus, onus is not discharged by merely stating that since profits in a given year are less or nil little or no provisions was must also show further to what extent the depreciation has resulted in lowering the value of the assists compared to that mentioned in the balance-sheet and whether the written down value computed under the indian income-tax act in fact represents the lower value ..... under section 6 of the electricity act, 1910, an option has been given to the state electricity board to purchase the undertaking of a licensee on the expiration of the period specified in the license in the case of a licence granted before the commencement of the indian electricity (amendment) act, 1959. .....
Tag this Judgment!Court : Mumbai
Reported in : [1965]58ITR161(Bom); 1965MhLJ907
..... although, therefore, the charging section of the wealth-tax act says that the tax will be charged for the financial year commencing from the 1st of april, 1957, there will actually be no wealth-tax charged. ..... the question, which has been referred to us under section 27(1) of the wealth-tax act, 1957, at the instance of the assessee, is as follow : 'whether for the assessment year 1959-60 the net wealth of the assessee has rightly been charged at the rate of 1 ?' 2. ..... we do not think that it is intended by section 3 of the wealth-tax act that the wealth-tax for any financial year should be actually charged at any point of time anterior to the commencement of the said year. ..... that section reads as follow : 'subject to the other provisions contained in this act, there shall be charged for every financial year commencing on and from the first day of april, 1957, a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the rate or rates specified in the schedule. ..... ' 'assessment year' under the act means the year for which tax is chargeable under section 3 and, therefore, means every financial year commencing on and from the 1st of april, 1957. .....
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