Court : Supreme Court of India
Reported in : AIR2003SC2702; (2003)182CTR(SC)489; [2003]262ITR407(SC); JT2003(5)SC384; 2003(5)SCALE122; (2003)6SCC342
..... section 2 sub-section (r) of the wealth tax act, 1957, defines 'valuation officer' as meaning a person appointed as a valuation officer under section 12a of the wealth tax act and includes a regional valuation officer, a district valuation officer and an assistant valuation officer. ..... having regard to the nature of the asset and other relevant circumstances, it is necessary so to do, and where any such reference is made the provisions of sub-section (2), (3), (4), (5) and (6) of section 16a, clause (ha) and (i) of sub-section (1) and sub-sections (3a) and (4) of section 23, sub-section (6) of section 24, section 34aa, section 35 and section 37 of the wealth tax act, 1957 (27 of 1957), shall with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the assessing officer under sub-section (1) of section 16a of that act.explanation--in this section, 'valuation officer' has the same meaning, as in clause (r) of section 2 of the wealth-tax act, 1957 (27 of 1957).'10. ..... the valuation officer to whom a requisition was sent by the assessing officer in this case, ie an officer appointed under the wealth tax act, 1957. ..... under sub-section (2) of section 269l, the valuation officer to whom a reference is made under clause (a) or clause (b) of sub-section (1) is given all the powers he has under section 38 of the wealth tax act, 1957. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD181(Pat.)
..... . one should not feel irked by the mere fact that a departmental valuation officer appointed under the relevant provisions of the wealth-tax act, 1957, to which i would make a reference little later, is assigned ..... to say even at the cost of repetition that, since, the reference to the valuation officer had not been made a wto under section 16a of the wealth-tax act, 1957, the same was not at all binding on him as envisaged by sub-section (6) thereof.it is also interesting to mention that the assessing officer has treated the report of the registered valuer as that of a private valuer as is evident from the following narration :- "total investment has been taken by valuation officer at rs ..... "valuation officer" as per clause (r) of section 2 of the wealth- tax act means a person appointed as a valuation officer under section 12a of the ..... . under section 12a of the same enactment, the central government may appoint as many valuation officers as it thinks fit.what is the role of a valuation officer in the implementation of the provisions of wealth-tax act not being germane to the present controversy is intended to be skipped over ..... here for a moment, i would hop on to the relevant provisions of the wealth-tax act, 1957 more particularly when the explanation appended to section 55a of the income-tax act accords the same meaning to the term "valuation officer" as appearing in clause (r) of section 2 of the wealth-tax act, 1957.14 ..... act, 1957, making him as part and parcel of income-tax .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]185ITR233(Cal)
..... wealth-tax act, 1957, that '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, the wealth-tax officer may refer the valuation of any asset to a valuation officer-(a) in a case where the value of the asset as returned is in accordance with the estimate made by a registered valuer, if the wealth-tax officer is of the opinion that the value so returned is less than its fair market value ; (b) in any other case, if the wealth-tax officer ..... petitioner, contended that the valuation officer as referred to under section 16a read with section 12a of the wealth-tax act would clearly convince that the report as placed in this case does not fulfil such requirements and the report of the alleged valuation officer as relied on by the commissioner of wealth-tax is absolutely unwarranted and ..... the learned advocates for the respective parties, and having gone through the provisions of sections 16a and 25(2) of the wealth-tax act and also by looking to the cases cited at the bar, this court finds that the valuation officer's reports must be considered in the light of section 12a and section 16a of the act, these reports must be considered while the assessment is pending. ..... section : ''valuation officer' means a person appointed as a valuation officer under section 12a, and includes a regional valuation officer, a district valuation officer, and an assistant valuation officer .....
Tag this Judgment!Court : Gujarat
Reported in : (1979)GLR248; (1979)0GLR248
..... act is in these terms : ''valuation officer' means a person appointed as a valuation officer under section 12a, and includes a regional valuation officer, a district valuation officer, and an assistant valuation officer ..... section 12a provides that the central government may appoint as many valuation officers ..... the purposes of this act, a valuation officer or any overseer, surveyor or assessor authorised by him in this behalf may, subject to any rules made in this behalf and at such reasonable times as may be prescribed - (a) enter any land within the limits of the area assigned to the valuation officer, or (b) enter any land, building or other place belonging to or occupied by any person in connection with whose assessment a reference has been made under section 16a to the valuation officer, or (c) inspect ..... , learned advocate appearing for the respondents in this appeal, urged before us that in the instant case the competent authority must be deemed to have waived the right of being heard through the valuation officer nominated by the competent authority, because, after writing the letter of october 9, 1974, no further steps were taken and even at the stage of hearing of the appeal before the bench of ..... of the central government regulating the conditions of service of the persons in public services and posts, a wealth-tax authority may appoint as many overseers, surveyors and assessors as may be necessary to assist the valuation officers in the performances of their functions. ..... act, 1957 .....
Tag this Judgment!Court : Gujarat
Reported in : (1980)8CTR(Guj)147; [1980]125ITR417(Guj)
..... act is in these terms :'valuation officer means a person appointed as a valuation officer under section 12a , and includes a regional valuation officer, a district valuation officer, and an assistant valuation ..... 'section 12a provides that the central government may appoint as many valuation ..... purposes of this act, a valuation officer or any overseer, surveyor or assessor authorised by him in this behalf may, subject to any rules made in this behalf and at such reasonable times as may be prescribed -(a) enter any land within the limits of the area assigned to the valuation officer, or(b) enter any land, building or other place belonging to or occupied by any person in connection with whose assessment a reference has been made under section 16a to the valuation officer, or(c) inspect ..... shah, learned advocate appearing for the respondents in this appeal, urged before us that in the instant case the competent authority must be deemed to have waived the right of being heard through the valuation officer nominated by the competent authority, because, after writing the letter of october 9, 1974, no further steps were taken and even at the stage of hearing of the appeal before the bench ..... orders of the central government regulating the conditions of service of the persons in public services and posts, a wealth-tax authority may appoint as many overseers, surveyors and assessors as may be necessary to assist the valuation officers in the performances of their functions ..... act, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1989)28ITD135(Nag.)
..... learned authorised representative of the assessee, while opening the case of the assessee, made the following pertinent points:-- that reference made by the wealth-tax officer to the valuation cell under section 16a of the wealth-tax act, 1957 is not legalsince the district valuation officer could not come into the picture as he had no jurisdiction because of the undisputed facts that the value of the shares of each of the co-owners in the properties (subject matter of valuation by the district valuation officer) as returned by the assessee is less than rs. ..... he contended that although section 16a of the act in terms does not speak of hierarchy of valuation officers, under section 2(r) valuation officer means a person appointed as a valuation officer under section 12a and includes a regional valuation officer, a district valuation officer and an assistant valuation officer. ..... 'valuation officer' has been denned by section 2(r) as under: "valuation officer" means a person appointed as a valuation officer under section 12a, and includes a regional valuation officer, a district valuation officer, and an assistant valuation officer ; valuation officer for the purposes of section 16a(1) as such has to be a person appointed as a valuation officer under section 12a and includes regional valuation officer, a district valuation officer and an assistant valuation officer. .....
Tag this Judgment!Court : Chennai
Reported in : [2000]243ITR509(Mad)
..... the income-tax officer had sought to value the land and building separately by applying rule 1bb while the assessee invoked section 7(4) of the wealth-tax act, as it then stood, as the building was used by him as a residential house and had been so used by him in the 12 months immediately preceding the ..... is set out as under :'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in valuing the entire property by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to hindu undivided family at rs. ..... the owner of a house, who uses it exclusively for residential purpose throughout the period of twelve months immediately preceding the valuation date to value the same on the valuation date next following the date on which he became the owner of the property or on the valuation date relevant to the assessment year commencing on april 1, 1971, whichever date is later. ..... is owned by him as an individual, the building is used for the residence of all the members of the hindu undivided family and the valuation of these assets of land and building in the circumstances is intertwined and it would be wholly inappropriate to value them separately by applying different provisions of the act. ..... the valuation of the land and building together initially and thereafter allocating the value towards the building and the land separately and assessing the value of the building in the hands of the .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... commissioner desires that we should frame the questions in the following for : '(1) whether, on the facts and in the circumstances of the case, the provision for income-tax which may become due on the profits of the previous year ending on the relevant valuation date is a debt owed by the assessee on the valuation date within the meaning of section 2(m) of the wealth-tax act, 1957 (as amended in 1959)? ..... , on the facts and in the circumstances of the case, instalments of advance tax under section 18a which fell due for payment after the valuation date constitute a debt owed by the assessee on the valuation date within the meaning of section 2(m) of the wealth-tax act, 1957? ..... whether, on the facts and in the circumstances of the case, income-tax which might become payable on the income of the previous year ending on the valuation date, constitutes a debt owed by the assessee on the valuation date within the meaning of section 2(m) of the wealth-tax act, 1957?' 3. ..... what the legislature has provided is that when individual assets have to be valued, the wealth-tax officer is under an obligation to estimate the price at which the asset could be sold in the open market on the valuation date and when acting under section 7(2), a discretion has been given to him to make adjustments in the valuation as given in the balance-sheet as the circumstances of the case may require. ..... in that case a debentureholder of a limited company appointed a receiver and manager of the premises charged by the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626
..... mammed kayi, : [1981]129itr307(sc) in that case, the question was whether mapilla marumakkathayam tarwards of north malabar -- muslim undivided families governed by the marumakkathayam act (madras act 17 of 1939) -- fell within the expression 'individual' and were assessable to tax under section 3 of the wealth tax act, 1957.24. ..... the wealth tax officer rejected the claim of the assessee. ..... valuation date has been defined by section 2(q) to mean the last day of the previous year as defined in section 3 of the income tax act, if an assessment was to be made under that act for that year. ..... (3) without prejudice to the generality of the provisions of sub-section (2), if the assessing officer or the deputy commissioner (appeals) or the commissioner (appeals) in the course of any proceedings under this act in respect of any such association of persons as is referred to in sub-section (1) is satisfied that the association of persons was guilty of any of the acts specified in section 18 or section 18-a, he may impose or direct the imposition of a penalty in accordance with the provisions of the said sections. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... the commissioner desires that we should frame the questions in the following form: - (1) whether on the facts and in the circumstances of the case, the provision for income-tax which may become due on the profits of the previous year ending on the relevant valuation date is a debt owed by the assessee on the valuation date within the meaning of section 2(m) of the wealth tax act, 1957 (as amended in 1959)? ..... and (4) whether on the facts and in the circumstances of the case, income-tax which might become payable on the income of the previous year ending on the valuation date, constitutes a debt owed by the assessee on the valuation date with-in the meaning of section 2(m) of the wealth tax act, 1957? 4. ..... 11,40,755/- being the provision for taxation is liable to be allowed as a deduction under the provisions of section 2(m) of the wealth-tax act, 1957, as debt owed by the assessee on the valuation date? ..... . what the legislature has provided is that when individual assets have to be valued, the wealth-tax officer is under an obligation to estimate the price at which the asset could be sold in the open market on the valuation date and when acting under section 7(2), a discretion has been given to him to make adjustments in the valuation as given in the balance-sheet as the circumstances of the case may require. 40 ..... in that case a debenture holder of a limited company appointed a receiver and manager of the premises charged by the debentures. .....
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