Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2007)106ITD541Indore
..... that, however, does not make any significant difference to the interpretation of section 19a of the wealth-tax act, 1957, and section 168 of the income-tax act in so far as the explanations attached to those provisions which are couched ..... the income tax act and wealth tax act, though operate in different field as the first deals with the income received or accrued throughout the assessment year, the other deals with net wealth as on valuation date, yet however does not make any significant difference to the interpretation of section 19a of wealth tax act as section 168 of the income tax act, in so far as the explanation attached to those provision which are worded ..... all rights belonging to the intestate as effectually as if the administration has been granted, at the moment of his death and as per section 168 of income tax act, the reference in explanation to "...other person administering the estate of a deceased person" is intended to apply to those persons who are found to be administering without having been appointed by the court as administrator, the estate of a deceased person who had left behind a will without naming an executor and in respect ..... while relying upon the order of the assessing officer has pleaded that since late husband of the assessee died without executing any will, therefore, provisions of section 19a of wealth tax act which corresponds with the provisions of section 168 of income tax act was for as explanation contained in this provision is concerned, does .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2008)113TTJIndore622
..... it is made clear under section 69 of the act, by providing that the declarant shall not be entitled to reopen any assessment or reassessment under the income-tax act, or the wealth-tax act, and it has also been made further clear that no set off or relief will be available in respect of any appeal, reference or other proceedings in relation to such assessment or reassessment in appeal, reference or other proceedings relating to such ..... provisions of voluntary disclosure of income scheme, 1997 are reproduced as under: chapter iv of the finance act, 1997 and the central government appoints 1^st day of july 1997 as the date on which the vdis-97 shall come into force. ..... in the total income of the declarant for any assessment year under the income-tax act, if the following conditions are fulfilled, namely: (i) the declarant credits such amount in the books of account, if any, maintained by him for any source of income or in any other record, and intimates the credit so made to the assessing officer; and (ii) the income-tax in respect of the voluntarily disclosed income is paid by the declarant within the time specified in section 66 of or section 67. ..... not able to sign the declaration, or where there is no managing partner as such, by any partner thereof, not being a minor; (e) where the declarant is any other association, by any member of the association or the principal officer thereof; and (f) where the declarant is any other person, by that person or by some other person competent .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1996)56ITD323Indore
..... therefore, hold that for the purposes of valuation of the land, in question, under the wealth-tax act, the land has to be treated as* ..... we observe that the income-tax assessments had been completed by the assessing officer under section 143(1) of the income-tax act and the income declared had been accepted.in those assessments the assessing officer had no occasion to inquire into the nature and character ..... (a) has not determined the valuation of the land, in question, on the relevant valuation date(s), we consider it appropriate to set aside his impugned order so that he may determine the valuation after affording an opportunity of being heard to the parties and the departmental valuation officer. ..... in the absence of evidence in respect of agricultural operations, shri kulkarni argued, the assessing officer was justified in holding that the land was not agricultural as it was not used for ..... the character of the land was agricultural, the assessing officer was not justified in including the value of the agricultural land in the taxable wealth of the appellant from 1981-82. ..... was also submitted that during the course of assessment, proceedings the assessing officer had not asked the assessee to produce purchase vouchers of manure and pesticides ..... accordingly, the assessing officer is directed to exclude the value of the agricultural land from the taxable wealth of the appellant for the assessment years 1981-82 to 1986-87.aggrieved by the above directions, the revenue is in appeal before .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1983)3ITD354Indore
..... on behalf of the revenue, the learned departmental representative states briefly the facts of the case and the background in order to clarify the position why the commissioner took action under section 25(2) of the wealth-tax act, 1957 ('the act'). ..... your petitioner submits that according to section 25(3) of the wealth-tax act, the learned cwt has got no power to pass any order under section 25(2) for the above year. 3. ..... it confirmed the view taken by the appellate controller which was passed on the order of the aac in the wealth-tax assessment of the deceased for the assessment year 1957-58.the tribunal also considered the order of the aac which held that there was a liability of rs. ..... that the learned cwt has erred in setting aside the order passed by the wto for the above year for which he has got no jurisdiction under the wealth-tax act. 4. ..... it was also contended that in the assessment for the assessment year 1957-58 in the case of late nawab rashid-ur-zaffar khan, the liability was allowed in the wealth-tax case and the cash annuity of shamla deori jagir was held to be taxable.according to the assessee, the liability was not related or secured against exempted assets.5. ..... cash annuity being exempt under section 2(e)(2)(ii) of the act, the debt secured against such exempted asset was not deductible from the net wealth of the assessee in view of section 2(m)(ii) of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)15ITD646Indore
..... (1) subject to the provisions of sub-section (1a), wealth-tax shall not be payable by an assessee in respect of the following assets, and as such assets shall not be included in the net wealth of the assessee : (iii) any one building in the occupation of a ruler, being a building which immediately before the commencement of the constitution (twenty-sixth amendment) act, 1971, was his official residence by virtue of a declaration by the central government under paragraph 13 of the merged states (taxation concessions) order, 1949 ..... referred to the commentary on the wealth-tax act by a. c. ..... on the other hand, the income-tax act, 1961 (the 1961 act) contained a specific provision in section 10(18a) exemption from tax any ex gratia payments made by the central government consequent upon the abolition of ..... was made well after the enactment of the 1957 act, and, hence, it could not be said that the legislature was unaware of the taxability or otherwise of the amounts paid on the abolition of privy purse to wealth-tax. ..... was not chargeable to wealth-tax for this assessment year.4 ..... wto rejected this claim nothing that the exemption claimed was act, 1957 (the act) or under any other statutory provision.the assessee appealed ..... from wealth-tax. ..... the particular article of the covenant extracted above says that the amount shall be free of all the taxes whether imposed by the government of the united state or by the government of india. ..... the valuation date is 31-3-19765.the wto noted that the assessee had .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)17ITD425Indore
..... - there are two appeals, by the assessee against the levy of penalty under section 18(1) (a) of the wealth-tax act, 1957 (the act) for the delayed filing of wealth-tax returns for the assessment years 1976-77 and 1977-78.2. ..... the assesse pointed out that for the assessment year 1976-77 the assessee was allowed an extension of time to file his return of income up to 31-12-1976, and, therefore, in terms of the proviso to sub-section (1) of section 14 of the act, the assessee could file his return of wealth-tax for the assessment year 1976-77 up to 31-12-1976 as the assessees wealth include the assets held in the assessees transport business. ..... the assessee contended that the assessee is an income-tax as well as the wealth-tax assessee and, therefore, the particulars of his assets and liabilities and the income-tax liabilities are relevant fore furnishing his wealth-tax returns and that since the income-tax returns were filed on 11-4-1978 and 25-7-1978 for the two years respectively the assessee could not file his wealth-tax returns earlier and the delay in the submission of ..... wealth-tax assessee are required to make returns of their net wealth on given valuation dates and in order to do so, it is essential that they should correctly represent their debts and liabilities as they subsist as on the said valuation ..... of particulars of table income of a person would, therefore, be a necessary step in ascertaining the position of the net wealth of the same person on the relevant valuation date. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)18ITD409Indore
..... in this appeal by the assessee the issue raised is that the commissioner (appeals) has wrongly set aside the order of the wto by invoking his powers under section 2 of the wealth-tax act, 1957 ('the act').2. ..... section 7(3) and section 7(4) are reproduced below : (3) notwithstanding anything contained in sub-section (1), where the valuation of any asset is referred by the wealth-tax officer to the valuation officer under section 16a, the value of such asset shall be estimated to be the price which, in the opinion of the valuation officer, it would fetch if sold in the open market on the valuation date or, in the case of an asset being a house referred to in sub-section (4), the valuation date referred to in that sub-section. ..... (4) notwithstanding anything contained in sub-section (1), the value of a house belonging to the assessee and exclusively used by him for residential purposes throughout the period of 12 months immediately preceding the valuation date may, at the option of the assessee, be taken 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 date next following the date on which he became the owner of the house, or on the valuation date relevant to the assessment year .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)19ITD699Indore
..... the only question involved in these appeals is whether the assessee is entitled to exemption under section 5(1)(iv) of the wealth-tax act, 1957 ('the act') in respect of non-residential building. ..... the expression 'house property' has not been employed in the wealth-tax act but has well understood meaning under the income-tax act, 1961 ('the 1961 act'). ..... shri mehta further argued that wherever the legislature intended to restrict the benefit of exemption to residential houses only, it has specifically provided so, as is the case under rule ibb of the wealth-tax rules, 1957, or in provisions of section 7(4). ..... section 5(1)(iv) prior to its amendment reads as under : (5)(1) subject to the provisions of sub-section (1a), wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the ..... (v) other expressions used by the legislature in clauses (i), (ii), (i'm') and (xxxi) of sub-section (1) of section 5 and section 7(4) of the act, make it clear that exemption under section 5(1)(iv) is available only to a property which is residential in character or is basically meant for human habitation and the exemption under the above clause does not extend to office premises, godowns, factory buildings, theatres and the like. ..... pradhan's case (supra) is not applicable as in that case the structure in respect of which exemption was claimed was admittedly incomplete and work on it was in progress on the valuation date. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1982)1ITD615Indore
..... , for such a conclusion we derive support from the ratio in the case of kantilal manilal (supra), wherein their lordships, inter alia, observed as under : "if an amount of tax falls within the description given in section 2(m)(iii)(a) of the wealth-tax act, 1957, it would not be deductible even though it is a debt owed by the assessee on the relevant valuation date. ..... the valuation date and is claimed by the assessee in appeal,- revision or other proceeding as not ..... debts owed by the assessee on the valuation date other than- (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 consequent 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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1982)1ITD924Indore
..... this is an appeal by the revenue which is directed against the order of the aac by which he has deleted the penalty imposed by the wto under section 18(1)(a) of the wealth-tax act, 1957 (''the act").2. ..... as such, as on the due date to file the wealth-tax return, late kapoorchand was not there and, therefore, there cannot be any liability to file a return by the due date, although the valuation date might be earlier. ..... on his death, the properties of kapoorchand came to the hands of the present assessee, shri ramrishpal.in other words, the obligation to file the wealth-tax return for the assessment year 1972-73 relating to the assets left by late kapoorchand would be that of the legal heir, if an assessee has filed return before the due date, he cannot be treated as a defaulter ..... in the course of the hearing, the assessee's learned counsel draws our attention to the commentary verma on wealth-tax, 2nd edition, page 1/551, in support of his contention that no penalty can be imposed on legal representative, when the default was that of the deceased person ..... liability to file wealth-tax return was only after the valuation date not even a day earlier to that, unlike income-tax in which liability to tax was assumed as the income is earned, although quantification of the tax may take place later on.this also is the view of the hon'ble supreme court in the case of cwt v. ..... the default would commence on or after the due date, although the valuation date might have been earlier to the due date. .....
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