Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)89ITD629(Mum.)
..... it was argued that though the decision was delivered under the provisions of the wealth-tax act, 1957, the ratio thereof would apply even to income tax.the wealth-tax bench has held that bombay stock exchange card is not be liable to wealth-tax as it was not an asset within the meaning of section 2(e) of the said act. ..... this is a definition which is different from the definition of asset contained in section in section 2(e) of the wealth-tax act, 1957. ..... in the said decision, the wealth tax bench of the itat took note of the aforesaid decisions and held that the right and interest in the bombay stock exchange card did not constitute an asset within the meaning of section 2(e) of the wealth-tax act. ..... learned ar have no application to the facts of the present case as those applied to the cases which involved loss of right of nomination due to death or default of stock exchange card holders and that the decision under the wealth-tax act can not apply to income-tax as wealth tax involves annual leavy while capital gains tax is a one time levy. ..... was also argued that definitions of la capital asset under the wealth-tax act and the income-tax act differ in content and scope.6. ..... during the assessment proceedings before the learned assessing officer, the assessee contended that any profit or gain made on sale of stock exchange card could not be brought to tax as capital gains.reliance was placed on the decision of hon'ble supreme court in the case of vinay babna v ..... the legal heirs appointed smt. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)84TTJ(Mum.)208
..... under section 5(1)(viii) of the wealth-tax act, 1957, it was held that merely because the gold caskets were kept in the show case did not make than part of the furniture and the rest of the articles could not ..... same is reproduced below : "i) the assessee has bought and kept the car as his personal assets meant for personal use and has also claimed deduction u/s 5(i)(viii) of the wealth-tax act, 1957 over the years which has been allowed to him. ..... the relevant observation and decision of hon'ble supreme court in reproduced below: for a proper decision of the point in question, it is necessary to refer to section 2(4a) of the act, the relevant portion whereof runs thus : "2(4a) 'capital asset' means property of any kind held by an assessee, whether or not connected with his business, profession or vocation, but does not include - ..... dr therefore, it will be pertinent to reproduce the quotation which is as under : "where the assessee at the time of his appointment in the year 1945 as a justice of the peace was presented with two gold caskets, as gold tray, two gold glasses, a gold cup, saucer and spoon, and photo frames as ..... the wealth-tax officer did not include the value of the paintings and curios in the wealth-tax assessment of the ..... commercial tax officer also did not levy tax on ..... (b) the assessee had already stated to the assessing officer that whenever a part was required it was locally fabricated as it was impossible to get the parts from abroad because of the step page ..... officer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)90ITD710(Mum.)
..... in the present case, section 40 of the finance act, 1983 has no relevance whatsoever and the liability with regard to chargeability to wealth tax has to be determined in accordance with the relevant provisions of the wealth tax act. ..... as per sub-section 5, it is stipulated that section 5 and clause (d) of section 45 of the wt act and part 2 of schedule 1 to the wt act shall not apply for the purposes of levy of wealth tax in pursuance of the provisions of section 40 of the finance act, 1983. ..... as per sub-section 3 of section 40 of the finance act, 1983, wealth tax was levied on eight categories of assets ..... , it was held that a flat which is part of co-operative i housing society is not an asset for the purposes of levy of wealth tax under section 40 of the finance act, 1983. ..... such a flat does not fall within the category of an asset chargeable to wealth tax under section 2(ea) of the wt act. ..... from local limits of any municipality (whether known as municipality, municipal corporation or by any other name) or a cantonment board, but does not include - (1) a house meant exclusively for residential purposes and which is allotted by a company to an employee or an office or a director who is in whole-time employment, having a gross annual salary of less than five lakh rupees. ..... as per provisions of section 2(m) of the wt act, value of all debts owed by the assessee on the valuation date is deductible, which have been incurred in relation to the assets which have been included in the net wealth. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2007)109ITD35(Mum.)
..... act and section 4(7) of wealth tax act. ..... the party of the first part agree to assign the business including the tenancy of the office, furniture, telephone to the party of the second par at any time and in any manner that party of the second party may wish. 3 ..... the assessee has purchased the right to carry on share broking business alongwith the tenancy of the office, furniture, telephone, etc, therefore, period of holding the surplus as "long term capital gain" required as per section 2(42a) of the i.t. ..... it is true that these transactions were incurred without actual delivery but from that the assessing officer could not draw inference that the transactions were not genuine. ..... shetty was to assign the business including the tenancy of the office, furniture, telephone to the appellant or his nominee by agreeing to execute a power of attorney in favour of his nominee for conducting the business ..... counsel argued that there was no force in the contention of the assessing officer that the assessee had continued to have dealings with m/s. ..... counsel for the assessee argued that the assessing officer had not doubted the genuineness of the transaction. ..... 3,30,000/- also includes the tenancy of the office, furniture, telephone, which will be assigned in favour of the assessee at any time and in any manner that the assessee may wish ..... for computing the capital gain, the assessee has deducted the entire cost which include the cost of tenancy right of the office, furniture, telephone, etc and also paid rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)89ITD662(Mum.)
..... the appellate assistant commissioner and are left untouched, the order of assessment survives, permitting the exercise of revisional jurisdiction by the commissioner under section 25(2) of the wealth-tax act. ..... by the learned dr.the observations of the andhra pradesh high court from the headnote are reproduced below: "the doctrine of merger applies to wealth tax proceedings but the extent to which it applies depends upon the scope and subject matter of appeal and the decision rendered by the appellate ..... 197, a full bench consisting o five judges of the madhya pradesh high court, has held that whenever a question arises as to whether the commissioner is or is not competent to revise under section 263 of the act, the order of assessment framed by the ito which has been the subject matter of an appeal before the appellate assistant commissioner, it has to be ascertained as to whether the commissioner has set ..... been challenged by the assessee before the appellate assistant commissioner in respect of only some of the items covered by the wealth-tax officer's assessment order and the remaining items forming part of the order of assessment have neither been raised nor decided by the appellate authority ..... appeal was filed by the assessee, it was open to the department to raise before the appellate assistant commissioner any matter including the alleged wrong valuation of the properties, because the aac had got powers to consider that question also which had not been raised by the assessee. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)32ITD271(Mum.)
..... section 27(1) of the wealth-tax act 1957 only permits an application to be made to the tribunal to refer to the high court any question of law which arises out of an order passed under section 24 or under section 26 of the wealth-tax act. ..... the present application under section 27(1) of the wealth-tax act, 1957, has been filed against the order of the tribunal dated 29.8.1988 passed under section 35 of the act in m.a. no. ..... we, therefore, for the above reasons, dismiss the application of the assessee filed under section 27(1) of the wealth-tax act, 1957, as being not maintainable. ..... in our opinion, when the tribunal refuses to rectify its earlier order, such order refusing the rectification would be an order under section 35 of the wealth-tax act or otherwise, it would be a miscellaneous order on a miscellaneous application passed by the tribunal under its inherent power. ..... as regards the decision of the allahabad high court the same was in the context of section 254(2) of the income-tax act, it is seen that in the wealth-tax act there is no section which is parallel to section 254(2) of the income-tax act. ..... an application under section 27(1) of the wealth-tax act against such an order is not maintainable as stated earlier, section 27 is very clear in its terms and specifically states that a reference to the high court on a question of law can only lie against the orders passed by the tribunal under section 24 or under section 26 of the act 7. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)65ITD287(Mum.)
..... by the assessee on the valuation date which have been incurred in relation to the said assets".all or each of the items mentioned in clauses (i) to (viii) under sub-section (3) of section 40 of the finance act also come under or covered by the definition "net wealth" under the wealth-tax act.sub-section (5) of section 40 of the finance act clearly states that it is only section 5 of the wealth-tax act and clause (d) of section 45 of the wealth-tax act and part ii of schedule i to that act are the provisions which should ..... assets besides having movable properties like motor cars.by his assessment order dated 15-5-1993, the wealth-tax officer assessed the net wealth of the assessee at rs. ..... of construction, both in regard to rear tower.the assessing officer perused the balance-sheet which showed the liability of b tower ..... sub-section (3)(vi) is as follows : "(vi) building or land appurtenant thereto other than building or part thereof used by the assessee as factory, godown, wharehouse, cinema house, hotel or office for the purpose of its business or as a hospital, creche, school, canteen, library, recreational centre, shelter, rest-room or lunch room mainly used for the welfare of its employees or ..... agreement for sale of some of the flats and interest payable thereon.now, with regard to the liabilities, the matter was remanded to the assessing officer with the following directions : "under the circumstances the assessing office is directed to verify the amount payable to shri s. p. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2008)301ITR217(Mum.)
..... in view of the foregoing, we answer each of the questions referred to us as under: question 1; whether the value of an immovable asset owned by an assessee is includible in the net wealth of the owner/assessee or the lessee in terms of section 4(8)(b) of the wealth tax act read with section 269ua(f) the i-t act where the term of the lease is (i) exceeding 12 months but less than 12 years; and/or (ii) exceeding 12 years. ..... the rights acquired under a lease from month to month or for a period not exceeding one year and also those acquired by virtue of any transaction not falling under section 269ua(f) are clearly outside the scope of the fiction created by section 4(8){b) of the wealth-tax act.since the aforesaid position emerges clearly and plainly on bare perusal of section 4(8)(b), it is not necessary, as stated earlier, to elucidate the possible intention of the legislature in inserting the words in the parenthesis appearing ..... section 3 of the w-t act creates charge of wealth tax in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company. ..... having its registered office in australia have agreed to subscribe to the equity capital of the licensee in equal shares. ..... the assessing officer however treated, the assessee to be the owner of the aforesaid properties notwithstanding that it had licensed/leased them out. ..... (ii) office premises admeasuring 8000 sq. ft. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2008)113ITD19(Mum.)
..... section 3 of the wealth tax act creates charge of wealth-tax in respect of the net wealth on the corresponding valuation date of every individual, huf and company.according to section 2(m), "'net wealth' 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, including assets required to be included in the net wealth as on that date under this act, is in excess of the aggregate value of the debts owed by the assessee on the valuation date which ..... bench of this tribunal in which the tribunal has held as under: the term of the said agreements being for more than one year, clause (b) of sub-section (8) of section 4 of the wealth tax act is applicable to the present case and the lessees are to be treated or deemed as owners of the respective properties and wealth-tax in respect of the said properties for the assessment year under appeal is to be levied on them, it is settled law that both the lessor and the lessee cannot ..... wealth tax officer, wta no. ..... having its registered office in australia have agreed to subscribe to the equity capital of the licensee in equal shares. ..... the assessing officer however treated the assessee to be the owner of the aforesaid properties notwithstanding that it had licensed/leased them out. ..... (ii) office premises admeasuring 8,000 sq. ft. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)64ITD74(Mum.)
..... when confronted as to whether the value had been determined in accordance with schedule iii to the wealth-tax act, 1957, the learned counsel fairly conceded that schedule iii was incorporated with effect from assessment year 1989-90 and accordingly the valuation had not been done in accordance with the aforementioned schedule. ..... we accordingly, set aside the order of the cwt(a) on this issue and direct the assessing officer to determine the value of equity shares in accordance with rule 11(2) of schedule iii of the wealth-tax act, 1957, and allow necessary relief to the assessee.5. ..... the assessing officer determined the value as per schedule iii of the wealth-tax act, 1957. ..... this is, however, not the intention of section 7, which clearly shows that the wealth-tax officer may make such adjustments in the value of the assets shown in the balance-sheet in accordance with the requirements of the circumstances disclosed by the assessee".in the case of juggilal kamlapat bankers v. ..... , that even where the wealth tax officer has resorted to section 7(2) for determining the value of assets of a business as a whole the written down values or book values of specific assets as appearing in the balance-sheet are not sacrosanct and when the market value exceeds the written value or book value by more than 20 per cent, the wealth tax officer has to adopt the market value of such assets for the purposes of the act".15.1 the aforementioned decision do not leave .....
Tag this Judgment!