Court : Rajasthan
Reported in : [1987]165ITR705(Raj)
..... to this court in respect of the following common question which was said to arise out of the order of the income-tax appellate tribunal dated july 24, 1980 :' whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding the finding of the appellate assistant commissioner that initiation of proceedings under section 17 of the wealth-tax act, 1957, is bad in law 'as regards the addition of the value of the mardana mahal, it was submitted on behalf of the assessee that ..... the wealth-tax officer, after the assessments of the assessee in respect of the assessment years 1971-72 to 1975-76 were completed, initiated reassessment proceedings under section 17(1)(a) of the wealth-tax act, 1957, by issuing notices dated march 15, 1978. ..... supreme court that if the income-taxofficer proceeded to reassess the income of the assessee on the basis of the view expressed by the internal audit party of the income-tax department, it would merely be a change of opinion and that the opinion rendered by the audit party in regard to law cannot add to or colour the significance of such law for the purpose of belief of the assessing authority as required under section 147 of the income-tax act, which is in pari materia to section 17(1)(a) of the wealth-tax act. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]164ITR237(Raj)
..... under section 27(1) of the wealth-tax act before the income-tax appellate tribunal requesting the tribunal to refer the following question arising out of its order dated february 16, 1981, to this court for its opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the assessment has not been validly reopened and in setting aside the order of the appellate assistant commissioner and cancelling the assessment made under section 17 of the wealth-tax act, 1957?' 6. ..... after the report of the valuation officer was received, the wealth-tax officer issued notices to naushir marfatia under section 17(1) of the wealth-tax act on the ground that he has reason to believe that on account of the failure on the part of such person to make a return of wealth under section 14 of the wealth-tax act of his net wealth, the net wealth chargeable to tax under the act had escaped assessment for the years 1973-74, 1974-75, 1975-76 and 1976-77. ..... include cases where the assessments having become final, the matter has already been reopened under section 17 of the wealth-tax act, because it would also be a case of calling for the valuation of the asset for the purpose of making an assessment, but once assessment has been completed and assessment proceedings are not pending before the wealth-tax officer, the wealth-tax officer cannot make a reference to the valuation officer for the valuation of an asset because such power .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]163ITR385(Raj)
..... moved these applications and has prayed that the tribunal be directed to make a reference to this court on the following question of law : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the exemption granted in respect of jewellery and ornaments to the assessee at the time of original assessment did not disclose any mistake apparent from the record which can be rectified under section 35 of the wealth-tax act, 1957 ?' 3. ..... case as well, the appellate assistant commissioner passed an order of rectification under section 35 of the wealth-tax act, 1957, withdrawing the exemption granted to the petitioner in respect of jewellery and ornaments and included an amount of rs. ..... applications under section 27(3) of the wealth-tax act, 1957 (no. ..... in view of the decision of the supreme court and in view of the other decisions referred to above, in our opinion, no case for initiating proceedings under section 35 of the wealth-tax act has arisen as the original assessment does not disclose any mistake apparent from the record and we decline to direct the tribunal to state the case on the question stated by the petitioner calling upon the tribunal to make a reference on the ..... that the question of retrospectivity of the amendment was serious and highly debatable and could not be resolved without making a serious and studied attempt of the different amendments sought to be inserted in section 6(1)(viii) of the wealth-tax act. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1986]158ITR47(Raj)
..... these are three applications under section 27(3) of the wealth-tax act, 1957, for directing the income-tax appellate tribunal, jaipur bench, jaipur, to state a case and refer the question of law arising out of the tribunal's order dated june 24, 1977, passed in wealth-tax appeals nos. ..... has moved these applications and has prayed that the tribunal be directed to make reference to this court on the following question of law i 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the exemption granted in respect of jewellery and ornaments to the assessee at the time of the original assessment did not disclose any mistake apparent from the record which can be rectified under section 35 of the wealth-tax act, 1957?'4. ..... in that case as well, the appellate assistant commissioner passed an order of rectification under section 35 of the wealth-tax act, 1957, withdrawing the exemption granted to the petitioner in respect of jewellery and ornaments and included an amount of rs. ..... in view of the decision of the supreme court and in view of the other decisions referred to above, in our opinion, no case for initiating proceedings under section 35 of the wealth-tax act has arisen as the original assessment docs not disclose any mistake apparent from the record and we decline to direct the tribunal to state the case on the question stated by the petitioner calling upon the tribunal to make a reference on the said question.10. .....
Tag this Judgment!Court : Rajasthan
Reported in : [2002]257ITR294(Raj)
..... phraseology used in cognate taxing statutes like the indian income-tax act, 1922, and the gift-tax act, 1958, and existing decided cases considering the charging sections of the indian income-tax act, 1922, the court said (page 4) :'when the wealth-tax act, 1957, was passed, the legislature decided to specify only 'individual, hindu undivided family and company' as units ..... this is an application under section 27(3) of the wealth-tax act, 1957, for requiring the income-tax appellate tribunal, jodhpur bench, jodhpur, to submit the statement of case and refer the questions of law said to be arising out of the tribunal's ..... kanwar medical trust, in pursuance of the order under section 25(2) of the wealth-tax act passed by the commissioner of wealth-tax and assessment was made on the trust under section 16(3) by the assessing authority by issuing notice to ..... tribunal by finding that the trust itself is not assessable entity at all under section 3 of the wealth-tax act and therefore notices issued to the trust for the purposes of assessing the trust as an assessable entity were invalid and no proceedings could have been initiated against it. ..... all, the assessment could have been made under section 21 of the wealth-tax act as a representative of those, on whose behalf or for whose benefit the assets are held by it, if wealth-tax was otherwise leviable on such beneficiaries for whose benefit such property is held by them in trust to the extent the value of the assets represent the concerned .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]65STC215(Raj); 1985(1)WLN100
..... sheets fall within the ambit of 'iron and steel' in entry 2 of the third schedule to the andhra pradesh general sales tax act, 1957.the words 'that is to say' occurring immediately after 'iron and steel' in entry 2 show that the legislature intended to adopt the most general concept of iron and steel and wanted all forms of iron and steel to be brought within that entry.galvanisation is nothing but coating the iron sheet with zinc by an electrical ..... lengths);(v) steel structural (angles, joists, channels, tees, sheet piling sections, z sections or any other rolled sections);(vi) sheets, hoops, strips and skelp, both black and galvanised, hot and cold rolled, plain and corrugated, in all qualities, in straight lengths and in coil form, as rolled and in rivetted condition ;(vii) plates both plain and chequered in all qualities ;(viii) discs, rings, forgings and steel castings ;(ix) tool, alloy and special steels of any of the above categories ;(x) steel melting scrap ..... 'that is to say' is the commencement of an ancillary clause which explains the meaning ..... stc 378 held : as a result of perforation of iron sheets a different commercial commodity comes into existence and since perforated iron sheet is not covered by the categories mentioned in section 14(iv) of the central sales tax act, 1956, as amended by the central sales tax (amendment) act, 1972, it could not be treated as iron and steel but had to be treated as an unclassified item for the purposes of assessment under the u.p. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)52CTR(Raj)68
..... these wealth-tax reference petitions filed under section 27(3) of the wealth-tax act, 1957, raise common questions and, therefore, they are being disposed of by this common order.2. ..... trading corporation, jaipur, is an industrial undertaking and as such the assessee is entitled to exemption under section 5(1)(xxxii) of the wealth-tax act; 1957? ' 4. ..... the revenue moved a petition under section 27(1) of the wealth-tax act for reference of the four questions, referred to above, and the income-tax appellate tribunal referred only question no ..... 2 and 3, and thereupon this petition has been filed by the revenue under section 27(3) of the wealth-tax act.6. ..... being aggrieved by the aforesaid order of the tribunal, the revenue moved the petitions under section 27 of the wealth-tax act, whereby it was prayed that the following four questions may be referred to this court ..... under section 7 of the wealth-tax act, it is provided that the value of the asset shall be estimated to be the price which in the opinion of the wealth-tax officer it would fetch if sold in the open market on the valuation ..... the tribunal found that if deduction of 35 per cent, was made from the export invoice value and the fair market value is determined on that basis, then for the assessment years 1974-75 and 1975-76, the said fair market value was less than 20 per cent, as contemplated in rule 2b(2) of the wealth-tax rules, 1957, and no addition on account of enhanced market value of the closing stock could be made under rule .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)57CTR(Raj)185; [1987]168ITR364(Raj)
..... whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal erred in law in holding that section 4(1)(a)(i) of the wealth-tax act, 1957, applied to the case of the assessee to warrant the inclusion of the value of gold ornaments in the net wealth of the assessee ? 2. ..... it may be observed that in arundhati balkrishna's case : [1970]77itr505(sc) , their lordships of the supreme court approved the decision of the gujarat high court and it was held that the provisions of sections 5(1)(viii) and 5(1)(xv) dealt with different situations and while clause (viii) of section 5(1) exempted from the net wealth of the assessee the entire jewellery intended for the personal use of the assessee, clause (xv) of that section dealt with jewellery in general which was exempted to the extent of rs. ..... similarly, in clause (xiv), jewellery in the possession of any ruler, not being his personal property, which was recognised before the commencement of the act, by the central government as his heirloom was exempted from payment of wealth-tax. ..... of embedding, covering or otherwise), gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals : provided further that nothing in this clause shall operate to exclude from the net wealth of the assessee any conveyance or conveyances to the extent the value or the aggregate value thereof exceeds the sum of thirty thousand rupees. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1988]173ITR388(Raj)
..... been held that the tax liability incurred by the assessee on this amount had crystallised on the valuation date and, therefore, it was a ' debt owed' within the meaning of section 2(m) of the wealth-tax act, 1957, on account of which the amount of tax due on this amount ..... under section 27(1) of the wealth-tax act, 1957, to decide a common question of law in respect of the same assess'ee pertaining to the assessment years 1966-67 and 1968 ..... , it was held that even where the tax liability had been incurred on the date of valuation but the same had been assessed or quantified subsequently, the same was deductible as a ' debt owed ' within the meaning of section 2(m) of the wealth-tax act, 1957, while computing the net wealth of the assessee under that act. ..... wealth of the assessee rejecting the assessee's contention that the income-tax payable thereon had to be deducted according to section 2(m) of the wealth-tax act, 1957 ..... of computing the net wealth of the assessee under the wealth-tax act, 1957.6. ..... accordingly held that the wealth-tax officer was not justified in refusing to deduct the amount of tax liability on this amount ..... as stated in the reference relating to the assessment year 1966-67 is as under :' whether, on the facts and in the circumstances of the case, the tribunal was justified in law in allowing deduction of income-tax liability pertaining to earlier years and quantified on settlement reached some time in 1975 out of the gross amount of the assessee's share amounting to rs .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)54CTR(Raj)118; [1987]163ITR417(Raj)
..... levied under section 18(1)(a) of the wealth-tax act, 1957 ?'2. ..... this reference application has been moved under section 27(3) of the wealth-tax act, whereby the revenue has prayed that the income-tax appellate tribunal may be directed to refer the following question to this court:'whether, on the facts and in the circumstances of the present case, the tribunal was justified in cancelling the penalty of ..... the wealth-tax officer issued a show cause notice for imposing penalty on the assessee and in response to the said show cause notice, the assessee filed a reply wherein the assessee stated that she was under the bona fide belief that her wealth was below the taxable limit and that as and when she came to know that the wealth was taxable, she immediately filed returns for the years 1963-64 to 1971-72 suo motu on ..... the wealth-tax officer did not accept the said explanation of the assessee and imposed penalty of ..... in its order dated april 8, 1981, the tribunal has mentioned that in respect of the assessment year 1970-71, reference application had been moved and the said application had been dismissed by order dated january 29, 1981, on the ground that no question of law arises from the order dated ..... the tribunal held that from the explanation of the assessee it appeared that she was prevented from filing the return by reasonable cause and the fact that the assessee filed returns for the years 1963-64 to 1971-72 together in november, 1971, suo motu goes to show the bona fides of the .....
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