Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 12a appointment of valuation officers Court: chennai Page 1 of about 1 results (0.333 seconds)

Commissioner of Wealth-tax Vs. D. Krishna Murthy

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 .....

Kumbakonam Electric Supply Corporation Ltd., and Others Vs. Commission ...

Court : Chennai

Reported in : [1963]50ITR809(Mad)

..... the charging section is section 3 which is as follows :'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. ..... provisions of this act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than, -(i) debts which under section 6 are not to be taken into account; and(ii) debts which are secured on, or which have been incurred in relation to any asset in respect of which wealth-tax is not payable ..... is the head note in that case :'held, that land tax paid under the land tax acts of the common wealth by a person who carries on the business of a grazier in respect of land in victoria on which he carries on the business, is an outgoing actually incurred by him in the production of income, and is also a disbursement of money wholly and exclusively laid out or expended for the purposes of such trade within the meaning of section 93 and therefore that, for the purpose of assessing the .....

Commissioner of Wealth-tax/income-tax Vs. M. Kulandaivelu Pillai (Decd ...

Court : Chennai

Reported in : [1989]179ITR228(Mad)

..... in holding that the assessee's addiction to alcohol would constitute reasonable cause for not filing the return within the prescribed time wealth-tax assessment years 1966-67 to 1969-70 : (1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in cancelling the penalties levied under section 18(1)(a) of the wealth-tax act, 1957 (2) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the assessee's addiction ..... at the instance of the revenue, under section 256(2) of the income-tax act, 1961, and under section 27(3) of the wealth-tax act, 1957, the following questions of law have been referred to this court for its opinion : 'income-tax assessment year 1968-69 : (1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in cancelling the penalty levied under section 271(1)(a) of the income-tax act, 1961 (2) whether, on the facts and in the circumstances of the case, the appellate tribunal ..... in the course of the penalty proceedings initiated by the income-tax officer and the wealth-tax officer in respect of the belated submission of the returns, the assessee maintained that he was in indifferent health and was not conscious of the delay in filing of the returns and, therefore, no penalty should be levied. .....

K.V. Iyer Vs. Commissioner of Income-tax

Court : Chennai

Reported in : (1995)129CTR(Mad)397; [1995]215ITR461(Mad)

..... the wealth-tax act, 1957, brought a charge for every assessment year commencing on and from the 1st day of april, 1957, by way of a tax called the wealth-tax, in respect of net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the rate or rates specified in schedule i. ..... the supreme court has stated (headnote) : 'on a reading of the plain words of the proviso to section 4(1)(a) of the wealth-tax act, 1957, the clause 'for any assessment year commencing after the 31st day of march, 1964' can only be read as relating to gift-tax assessments and not to wealth-tax assessments. ..... then what section 4(1a) of the wealth-tax act says is that then, notwithstanding anything contained in any other provision of the wealth-tax act, or any other law for the time being in force, for the purpose of computing the net wealth of the individual under the wealth-tax act for any assessment year commencing on or after the 1st day of april, 1972, the converted property or any part thereof in so far as it is attributable to the interest of the individual in the property of the family, shall be deemed to be assets ..... the wealth-tax officer, applying section 4(1a) of the wealth-tax act, added the said amount to net wealth declared for the purpose of assessment. ..... as such the income-tax officer has been correct in including the disputed items in the appellant's wealth invoking section 4(1a).' 24. .....

T.V. Sundaram Iyengar and Sons (P.) Ltd. Vs. Commissioner of Wealth-ta ...

Court : Chennai

Reported in : [1969]72ITR107(Mad)

..... this and the other two questions, which we shall presently reproduce, turn on whether the taxes for which provision has been made in the assessment year are debts owed by the assessee under section 2(m) of the wealth-tax act, 1957. ..... we are, in the present case, concerned with the third item, which is the amount of tax, penalty or interest payable in consequence of any order passed under, or in pursuance of the act, or any law relating to taxation of income or profits, or the estate duty act, 1953, the expenditure-tax act, 1957, or gift-tax act, 1958, (a) which is outstanding on the valuation date and is claimed by the assessee in appeal, revision or other proceeding as not being payable by him, or (b) which, although not claimed by the assessee as not being payable ..... : ' where the amount of tax, penalty or interest determined as a result of the first appeal or revision against the order referred to in sub-clause (iii) of clause (m) of section 2 is paid within six months of the date of the order passed in such appeal or revision, the wealth-tax officer may, notwithstanding anything to the contrary in this act, rectify the assessment by allowing a deduction to the extent the tax, penalty or interest so paid stood disallowed therein as if such rectification were a rectification of a mistake apparent from the .....

A. Vimalan Vs. Commissioner of Gift-tax

Court : Chennai

Reported in : [1974]94ITR21(Mad)

..... on the applicability of its decision rendered under the wealth-tax act to the gift-tax proceedings, the tribunal has stated that the definition of ' asset' in section 2(e)(1)(v) of the wealth-tax act excludes any interest in property where the interest is available to an assessee for a period not exceeding six years from the date the interest vests in the assessee and it is with reference to that 'provision the ..... route permits which enured only for a period of three years were held to be not coming within ' the definition of 'asset' under that act, and that in the gift-tax act there being no such provision ..... tribunal it was also contended that the decision of the tribunal in wealth-tax proceedings in respect of the same assessee holding that these bus routes could not be valued for the purpose of the wealth-tax act applies to gift-tax proceedings as well. ..... as the value of the routes to the written down value of the buses, it can only be taken that the officer felt that the value of the three buses with the route permits should be increased by rs. ..... the tribunal, in addition to the submissions made before the appellate assistant commissioner, it was also contended that the valuation of the bus routes at rs. .....

Mahi Traders Vs. State of Tamil Nadu

Court : Chennai

Reported in : [1980]45STC327(Mad)

..... originally, the deputy commercial tax officer taxed the turnover relating to coloured skins at single point on the basis that they would still be hides and skins as contemplated under section 14(iii) of the central sales tax act. ..... and 895 of 1977 that coloured leather also would come within the expression "hides and skins, whether in a raw or dressed state", as contemplated by section 14(iii) of the central sales tax act, the tribunal was right in its conclusion and, therefore, no case has been made out for interference with the order of the tribunal. ..... 942 and 968 of 1979 have been preferred against the orders of the sales tax appellate tribunal holding that coloured leather would fall within the scope of the expression contained in section 14(iii) of the central sales tax act, 1956, and remanding the matter from the purpose of finding out which are the turnovers which would come within the scope of that ..... , we are clearly of the opinion that leather splits and coloured skins will come within the scope of the expression "hides and skins, whether in a raw or dressed state" under section 14(iii) of the central sales tax act and would, therefore, be liable only to single point levy as provided for in section 15 of that act and not to multi-point levy. ..... 591 of 1979 is concerned, the sales tax appellate tribunal held that coloured leather would also come within the scope of section 14(iii) of the central sales tax act and that, therefore, the turnover was liable to only single point .....

Commissioner of Wealth Tax Vs. Southern Roadways Ltd.

Court : Chennai

..... section 6 are not to be taken into account; (ii) debts which are secured on or which have been incurred in relation to, any property in respect of which wealth-tax is not chargeable under this act ; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953 (34 of 1953), the expenditure tax act, 1957 (29 of 1957), or the gift-tax act, 1958 (18 of 1958),-- (a) which is outstanding on the valuation ..... accept the plea of the revenue and thereby the matter is restored to the files of the assessing officer to adopt schedule iii to wealth tax act in valuing the property at kodaikanal. ..... he further pointed out that the relevance to schedule iii of wealth tax act was not there even before the assessing officer, consequently, the same may not be considered by this court ..... as regards the question of valuation of the kodaikanal property, the income tax appellate tribunal upheld the order passed by the commissioner of income tax (appeals) and directed the assessing officer to adopt the same rate at rs.2,500/- per cent for the ..... it is seen from the order of the commissioner of income tax (appeals) that based on the decision of the income tax appellate tribunal for the earlier years, the assessing officer was directed to adopt 50% of the value of the property and while determining the value, 5% increase would be justified in determining the fair .....

Thanthi Trust Vs. Wealth-tax Officer

Court : Chennai

Reported in : (1989)78CTR(Mad)54; [1989]178ITR1(Mad)

..... 's family (remainder wealth) trust : [1977]108itr555(sc) , it has been held as follows (headnote) : 'section 3 of the wealth-tax act, 1957, imposes the charge of wealth-tax 'subject to the other provisions' of the act, and these other provisions would include section 21. ..... detailed reply affidavit has been filed stating that notice under section 17 of the wealth-tax act can be issued and jurisdiction assumed by the wealth-tax officer only if the conditions precedent for the assumption of jurisdiction under section 17 of the wealth-tax act are satisfied. ..... no doubt, section 5(1)(i) of the wealth-tax act, 1957, provides for ..... october 21, 1978 and october 27, 1978, the appellant-trust received notices from the district valuation officer to the effect that the valuation of the property belonging to the trust has been referred under section 16a(1) of he act by the appropriate wealth-tax officer. ..... 's family (remainder wealth) trust : [1977]108itr555(sc) , is a useful citation in this regard wherein the headnote reads as under : 'section 3 of the wealth-tax act, 1957, imposes the charge of wealth-tax 'subject to the other provisions' of the act, and these other provisions would include section 21. ..... in myitkyina trading depot's case : [1957]32itr393(mad) an unregistered firm which had its business mainly in rangoon and had a branch office in madras was assessed for the assessment year ..... deputy tahsildar : [1957]32itr393(mad) , and the decision of the calcutta high court in gopiram agarwalla .....

Commissioner of Income-tax Vs. V. Namby

Court : Chennai

Reported in : [1999]239ITR179(Mad)

..... in pursuance of the directions of this court under section 27(5) of the wealth-tax act, 1957 (hereinafter to be referred to as 'the act'), the following question of law has been referred to us for our consideration : 'whether, on the facts and in the circumstances of the case and having regard to the provisions of sections 5(3} and 5(1a) of the wealth tax act, 1957, and section 32(1)(ba) of the unit trust of india act, 1963, the appellate tribunal was right in allowing exemption on rs. ..... the wealth-tax officer rejected the claim of the assessee on the ground that the assessee was holding the units for a period of less than six months ending with the valuation date and in view of the provisions of section 5(3) of the act, the assessee was not entitled to exemption of the sum of rs. ..... section 32 of the unit trust of india act provides that notwithstanding anything contained in the wealth-tax act, 1957, the income-tax act, 1961, the super profits tax act, 1963, the companies (profits) surtax act, 1964 (vii of 1964), or in any other enactment, for the time being in force relating to income-tax, super-tax, super profits tax, surtax or any other tax on income, the assessee would be entitled to exemption under the provisions of the wealth-tax act in the case of the assessee being an individual or a hindu undivided family, subject to the .....