Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1991)37ITD147(Coch.)
..... this letter also shows that the assessee had requested the commissioner of income-tax to direct the wealth-tax officer to issue notices to him under section 17 of the wealth-tax act, for all the assessment years 1974-75 onwards. ..... , for the assessment years beginning from 1975-76 onwards, the wealth-tax officer had initiated penalty proceedings under section 18(2) and imposed penalties under section 18(7 )(a) of the wealth-tax act. ..... immediately after the receipt of the returns, the wealth-tax officer issued notices under section 17 of the wealth-tax act in respect of the above years and the assessee filed a letter on 15-3-1984 agreeing to treat the returns filed earlier as having been filed in pursuance of the notices under section 17. ..... the matter was explained in great detail to the commissioner of income-tax during his personal hearing.after hearing the assessee, the commissioner of income-tax accepted the position that a substantial portion of the gold ornaments representing jewellery etc. ..... in the latter case it was observed by the ahmedabad bench as follows: - section 69a creates a legal fiction by the deemed phrase 'may be deemed to be the income of the assessee' but such legal fiction is restricted to treating the money, bullion etc. of. ..... this appeal by the assessee relates to the assessment year 1983-84, for which the accounting year ended on 31-12-1983 (31-12-1957) (m.e)for business and 31-3-1983 for other sources.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD37(Coch.)
..... while dealing with reference under the wealth-tax act had to consider a similar question and it was held that an assessee, who is engaged in the manufacture or production or processing of goods or articles within the explanation to section 45(d) of the wealth-tax act, 1957 could be said to be engaged in the manufacture or processing of goods, though not from a commercial point of view because there was no requirement in the section that the things manufactured should be sent to the market for sale or solely engaged ..... on the basis of the ratio laid down in the aforesaid case, the departmental representative contended that the assessee being a mere contractor is not entitled to any of the reliefs ..... enclosed within brackets 'not being in the nature of capital expenditure or personal expenses of the assessee' occurring in section 35b(1)(a) and the words 'incurred wholly and exclusively' occurring in section 35b(1) (b). ..... rs.7,500 on the ground that the same relates to personal use of the car by the directors. ..... the business is such that guest houses might have been provided at different sites for providing food to the employees and for giving shelter to persons who go there for supervision. ..... that the entire amount spent by the assessee was to provide food and lodging to the employees and for persons who go there for supervision. ..... it is an isolated place situated on the sikkim border and it is mainly used for providing food and lodging for the employees or persons who go there for supervision. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1982)1ITD483(Coch.)
..... more than 12 months on the respective valuation dates and, therefore, cannot be allowed as a deduction in the computation of the net wealth in view of section 2(m)(iii)(b) of the wealth-tax act, 1957 ("the act"). ..... the father.we do not think that this order of the tribunal can be extended to hold that these sums for the two assessment years do not represent the category of liability considered under section 2(m)(iii), namely, the amount of tax, penalty or interest payable in consequence of any order passed under or in pursuance of any law relating to the levy of what is generally described as the direct ..... but this order of the tribunal must be considered to have been given only for the purpose of deciding the claim that was before it, namely, whether the interest under section 220(2) of that act can be allowed as a deduction in the computation of the business income of the assessee in view of the fact that this particular liability did not relate to any assessments ..... since radhakrishna reddiar is the legal heir of the deceased kumaraswamy reddiar, the assessments in respect of these assessment years would have been made on radhakrishna reddiar even if no settlement has been reached and radhakrishna reddiar ..... this part of section 2(m)(iii), it is necessary that the tax liability for being considered under section 2(m)(iii) should be the tax liability of the assessee and not the tax liability of any other person which the assessee ..... business carried on by this person devolved upon a huf .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)5ITD343(Coch.)
..... therein by the revenue arising for the assessment years 1971-1972, 1972-73, 1973-74 and 1974-75 are directed against the order of the commissioner (appeals) dated 30-10-1982 sustaining the levy of additional wealth-tax on the value of three items of immovable properties treated by the wto as urban assets for the purpose of the levy under clause (2), para a, part i of the schedule to the wealth-tax act, 1957 ('the act').2. ..... according to the assessee's representative, where agricultural operations are carried on in urban land systematically, the land would fall within the definition of the expression 'business premises' in rule 1 of para b of part i of the rate schedule and would be entitled to exemption from the charge of additional wealth-tax on urban assets under para a, clause (2).reliance was placed on the decision of the punjab and haryana high court in the case of ..... definition of the term 'business' in section 2(13) being inclusive and not exhaustive is indicative of extension and expansion.the word 'business' is one of large and indefinite import and connotes something which occupies time, attention and labour of a person normally with the object of making profit ..... it is in this context, the assessee's representative has attempted to show that agriculture is business and by carrying on agricultural operations in the land the assessee must be deemed to have used the land for ..... decision relied on by the assessee's representative was sought to be distinguished on facts .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2002)83ITD631(Coch.)
..... the learned departmental representative further distinguished the decisions relied on by the assessee's learned representative as not applicable to the instant case of the assessee for the reason that all these decisions were rendered under the income-tax act, which is different from the wealth-tax act on the point at issue.12. ..... net maintainable rent is to be computed under rule 4 of schedule iii of the wealth-tax act, 1957 which reads as under :- for the purposes of rule 3, "net maintainable rent" in relation to an immovable property referred to in that rule, shall be the amount of gross maintainable rent as reduced by- (i) the amount of taxes levied by any local authority in respect of the property; and rule 4 permits only exclusion of taxes levied by local authorities and a sum equal to 15 per cent of the gross maintainable rent. ..... considering the rival submissions, we are of the view that there is no flaw in the order of the cit(appeals) on this point in view of the amendment brought into section 17 by the direct-tax laws (amendment) act, 1987, with effect from 1-4-1989, by which the legislature omitted the words "by reason of the omission or failure on the part of any person" occurring in section 17(1)(a). ..... into money or not should obtain from the tenant or occupier of the property and any sum paid by a tenant or occupier of the property in respect of any obligation which, but for such payment would have been payable by the owner as explained in rule 5(2) of schedule iii. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2008)110ITD400(Coch.)
..... now, as far as the basic facts are concerned, the original assessments were completed for the assessment years 1989-90, 1990-91 and 1991-92 under section 16(3) of the wealth-tax act vide orders dated 28-2-1991, 30-3-1993 and 30-3-1994 respectively. ..... effect from 1-4-1989 reads as under: 17(1) if the assessing officer has reason to believe that the net wealth chargeable to tax in respect of which any person is assessable under this act has escaped assessment for any assessment year (whether by reason of under- assessment or assessment at too low a rate or otherwise), he may, subject to the other provisions of this section and section 17a, serve on such person a notice requiring him to furnish within such period, as may be specified in the notice, a return in the ..... departmental representative that though by virtue of proviso to section 17(1) of the act, the powers of the assessing officer are restricted wherein the original assessments are made under section 16(3) of the act, but at the same time, by virtue of explanation to the proviso, merely because the books of accounts are produced and documents are produced that will not be sufficient on the part of the assesses and the assessee ..... the explanation added to sub-section (1) creates certain legal presumptions that production before the assessing officer of the account books or other evidence will not necessarily amount to disclosure and certainly this explanation relates to situation no. (ii) i.e. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1991)38ITD489(Coch.)
..... similarly, there is no provision in the wealth-tax act, 1957 corresponding to the provisions of section 44 of the income-tax act, 1922 or corresponding to section 199 of the income-tax act, 1961 and as such the ratio decidendi laid down by the hon'ble supreme court should be squarely applied to the facts of ..... if the legal representatives are not impleaded the entire ..... when an act is passed by the legislature and is notified in the official gazette every person including the wealth-tax officer is deemed to have knowledge of the enactment and the consequences that flow ..... if the huf has not been assessed to wealth-tax in respect of any valuation date, prior to 1 -12-1976 and if the officer has reason to believe that wealth had escaped assessment, he can proceed against the huf under section 17 read with section 41(2) of the wealth-tax act, by issuing a notice to the quondam karta or if such person is dead, then on all the surviving adults who were members of the huf ..... section 5(2) and section 6 certainly save the obligation or liability contracted prior to the commencement of the act, but it does not in any way dispense with the necessity of impleading the son, grandson or great grandson, as the case may be, in order to obtain an effective decree which is binding on such person ..... in respect of the hindu undivided family has to be served on the person who was the last manager of the hindu joint family or if such a person is dead, then on all the adults who were the members of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1984)9ITD348(Coch.)
..... section 5(1)(vi) of the wealth-tax act, 1957 ('the act') exemption is available in respect of the right or interest of the assessee in any policy of insurance before the moneys covered by the policies become due and payable ..... itr 864, 866 that the liability to wealth-tax gets crystallised on the valuation date.the proviso to clause (vi) of sub-section (1) of section 5 is for the purpose of computation of net wealth and not for creating a charge. ..... in which the proviso was implemented by the wto and the other was that the annuity in respect of an annuity policy taken from the lic cannot be commuted and, therefore, under section 2(e)(2)(ii) of the act, it cannot be subjected to wealth-tax. ..... amounts wealth-tax shall not be payable and the assets will also not be included in the net wealth of ..... if these two decisions are considered together, it would follow that though the liability to wealth-tax or income-tax might be considered to have accrued on the last day of the previous year or the valuation date, as the case may be, that liability itself is to be determined according to the law as on the first day of the assessment ..... a careful consideration of the submissions, we are of the opinion that the assessment to wealth-tax is to be governed by the law as it stands on the first day of ..... that if the interpretation advanced by the assessee and accepted by the commissioner (appeals) were to be accepted, there could not have been any assessment at all to wealth-tax for the assessment year 1957-58. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)45ITD520(Coch.)
..... further it is contended that the communication dated 14-3-1988 by the valuation cell under section 16a(5) of the wealth-tax act is at any rate binding on the assessing officer. ..... (3) where the valuation officer is of opinion that the value of the asset has been correctly declared in the return made by the assessee under section 14 or section 15, he shall pass an order in writing to that effect and send a copy of his order to the wealth-tax officer and to the assessee. ..... he has gathered, the valuation officer shall, by order in writing, estimate the value of the asset and send a copy of his order to the wealth-tax officer and to the assessee.on a careful reading of the provisions, it will be evident that the order to be passed by the valuation officer should be a speaking order.if an order which is made appealable is a non-speaking order, the person affected cannot effectively assail the grounds on which the decision was rendered against him. ..... has been made, the valuation officer shall serve a notice on the assessee intimating the value which he proposes to estimate and giving the assessee an opportunity to state, on a date to be specified in the notice, his objections either in person or in writing before the valuation officer and to produce or cause to be produced on the date such evidence as the assessee may rely in support of his objections. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1982)1ITD115(Coch.)
..... as agreed to between the parties had not been truly stated in the instrument of transfer with the object of (a) facilitating the reducation or evasion of liability of the transferor to pay tax under this act in respect of any income arising from the transfer or (b) facilitating the concealment of income or any moneys or other assets which had not been or which ought to be disclosed by the transferee for the purpose of income-tax act, 1961, or the wealth-tax act, 1957, proceedings under section 269d was initiated." 4. ..... it is on the basis of this that the departmental representative has contended that the competent authority had not resorted to the presumptions contained in section 269c (2).13. ..... as mentioned earlier only one document was executed by these two persons, namely, narayana iyer and chellammal, transferring their respective interests in the three properties. ..... our rights in the schedule properties and are handing over the possession of the lands and of the building in the second property with the key thereof".the transferees under the document are five persons, namely mathew m.thomas, a shareholder in associated engineering corporation (p. ..... they have come together for the purpose of purchasing the property and, therefore, would form a single body, whether it be called association of persons or a body of individuals.10. ..... here not merely the document is only one but the property has been transferred jointly without any specific shares to the five persons. .....
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