Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)4ITD131(Delhi)
..... through the order dated 6-2-1982, passed by the learned accountant member on the assessee's application made under section 35(1)(e) of the wealth-tax act, 1957 [section 254(2) of the 1961 act wrongly mentioned by the accountant member] for rectification of the tribunal's order dated 16-11-1981. ..... . in the cases referred to in clause (c) in addition to any wealth-tax payable by him, a sum which shall not be less than, but which shall not exceed twice, the amount representing the value of any assets in respect of which the particulars have been concealed or any assets or debts in respect of which inaccurate ..... dated 16-11-1981 and that what the assessee wants by the miscellaneous petition is the review of the order dated 16-11-1981, which is not within the competence of the tribunal.he submits that the legal position relating to rectification is well settled and that rectification powers are quite distinct from the power of review. ..... the nature of the power and its entrustment to the authority invested with quasi-judicial functions under the act, that to do justice it shall be exercised when a mistake apparent from the record is brought to his notice by a person concerned with or interested in the proceeding ..... in the nature of the power and its entrustment to the authority invested with quasi-judicial functions under the act, that to do justice it shall be exercised when a mistake apparent from the record is brought to his notice by a person concerned with or interested in the proceedings .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)25ITD345(Delhi)
..... above facts as the background, the valuation has to be made under the provisions of the wealth-tax act, 1957 and for the said purpose section 7 of the act, which deals with the topic 'value of assets, how to be determined', is to ..... respect of the second property 17- shopping centre, panchsheel, new delhi the assessed rentals will be taken as the basis and a multiple of 100/10 be applied (as provided for in rule 1bb-wealth-tax rules) since the properties are built on leasehold land, 50 per cent unearned increase payable to the lessor of the land taking a hypothetical sale and as laid down by their lordships in the case referred to above be further allowed as deduction ; (ii) in respect of the second ..... explanation : for the removal of doubts, it is hereby declared that the price or other consideration for which any property may be acquired by or transferred to any person under the terms of a deed of trust or through or under any restrictive covenant in any instrument of transfer shall be ignored for the purpose of determining the price such property would fetch if sold in the ..... representative that the learned wto erred in not assessing the properties in accordance with the provisions of rule 1bb of the wt rules, 1957. ..... according to the learned departmental representative the ratio in that case did not support ..... 1,30,000 representing 50 per cent of the unearned increase in the value of the land, which under the terms and conditions of the lease belonged to the lessor and arrived at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1991)39ITD47(Delhi)
..... in view of the provisions of rule 1 a(m) of the wealth-tax rules, 1957 read with section 2(m) of the wealth-tax act, 1957, the eggs kept in incubators are the assets of the ..... a deduction under clause (vii) of sub-section (1) of section 36 of the income-tax act, 1961, for the purposes of assessment for the previous year relevant to the corresponding assessment year under that act; (c) the value of any asset in respect of which wealth-tax is not payable under the act; (d) any amount shown in the balance sheet including the debit balance in the profit and loss account or the profit and loss appropriation account which does not represent the value of any asset. 2e. ..... than that attributable to borrowed money; (c) any provision made for meeting any future or contingent liability; (d) any debt owed by the assessee which has been specifically utilised for acquiring an asset in respect, of which wealth-tax is not payable under the act: provided that where it is not possible to calculate the amount of debt so utilised, it shall be taken as the amount which bears the same proportion to the total of the debts owed by the assessee as ..... he also stated that since the firm is not 'an assessee' under the wealth-tax act, 1957, the provisions of section 7(2) of the act cannot be invoked in working out the value of the interest of a partner in a ..... the said rule reads as under: 2(1) the value of interest of a person in a firm of which he is a partner shall be determined in the manner provided .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1994)48ITD62(Delhi)
..... since the assessment under the provisions of the wealth-tax act, 1957, for the earlier years as also for the assessment year under appeal, has been set aside and restored to the file of the learned assessing officer on my part i will set aside the impugned order of learned cit (a) in relation to gift-tax proceedings for the assessment year under appeal and direct the learned cit (a) to re-decide the issue including the issue of reference in accordance ..... -ii (spk) at the time of hearing of this case the learned representative for the assessee shri pradeep dinodia submitted that in view of the subsequent developments that had taken place in the assessment proceedings, he would withdraw the appeal and was not interested in pursuing the matter ..... 144 per share, the difference did represent an element of gift and this knowledge provided the needed nexus to form the belief of escapement of gift to tax. ..... the learned departmental representative also has nothing to offer by way of an argument. ..... the learned departmental representative also made mention of the ratio in the case of renusagar power company ltd. v. ..... on behalf of the revenue the learned departmental representative shri s.p. ..... agarwal the learned advocate appeared before the cgt (a) and is seen to have assailed the legality of the proceedings initiated by the learned gto under section 16(1) of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1994)50ITD208(Delhi)
..... that the wto has no power to take action under section 35 of the wealth-tax act as decision of itat had come earlier to the assessment made on march 20, 1987 and assessing officer had full notice of said decision. ..... the assessee thereupon moved the application under section 35 of the wealth-tax act claiming that deduction earlier was wrongly disallowed. ..... that in view of section 2(m)(iii) of the act 'tax' which should include municipal tax, has to be treated as deductible liability.while opposing aforestated contentions, the learned departmental representative relied upon order of the assessing officer. ..... these decisions, in so far as they declared that the amounts claimed by an assessee in respect of provision for taxation are deductible in computing the net wealth of the assessee since they represent 'debt owed' by the assessee within the meaning of section 2(m) of the act, merely stated what the law had always been and must always be understood to have been. ..... it is clear that whenever proceedings are initiated either suo moto or on the request of a party to rectify a legal view already taken, the requirement to be satisfied is to show that the view taken is so absurd or unreasonable that no person properly instructed under the law could take such a view. ..... sadhana pavadia, the learned departmental representative on behalf of the revenue. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)14ITD300(Delhi)
..... revenue's appeal is to the following effect : directing the wto to allow exemption under section 5(1)(iv) of the wealth-tax act, 1957 in respect of his interest in the property known as 'wenger's building' held by ..... valuer's said report referred the issue of the valuation of the said property, under section 16 of the wealth-tax act, 1957 ('the act') to the departmental valuation officer (dvo). ..... an occasion to discuss the determination of annual value for the purpose of levy of municipal tax, wealth-tax for residential purposes, non-residential purposes, self-occupied and partly self-occupied, built on ..... khosla's case (supra) had in unequivocal terms laid down the principle that in arriving at the annual income for the purpose of section 22 and section 23, the standard rent determinable under the delhi rent control act should be adopted as the basis for self-occupied property even in a case where the property was partly let out and partly self ..... the dvo in these years also then it is possible for one to say that there should be no objection to it except to contend that the instances of sale taken did not represent the correct market value so as to arrive at the correct market value for the self-occupied portion. ..... i am afraid that in view of the settled legal position by the supreme court it is not possible ..... 1976-77 one of the objections for the revenue is as under : the learned commissioner (appeals) erred in holding that the figure of monthly rent payable by tenants to the owner at rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)25ITD532(Delhi)
..... it is apparent, he has not considered the amendment made in clause (iv) of section 5 of the wealth-tax act which was brought into force w.e.f.1-4-1971. ..... next issue raised in this appeal is regarding the relief sought under section 5(1)(iv) of the wealth-tax act. ..... vacate the finding of the authorities below and direct that the assessee should be allowed the benefit of exemption in respect of the entire property of jainnagar as provided in the provision contained in section 5(1)(iv) of the wealth-tax act.12. ..... 21,000 (rupees twenty-one thousand) only for the period the 'lessee' continues to have its factory in the premises of the 'lessor' ; (b) to pay all rates and taxes and such other expenses which become due and payable during the course of the occupation of the said premises to any government or otherwise ; (c) to pay 1 per cent of the total sales turnover of the company for each of the financial years calculated every three months or by ..... on the other hand, departmental representative made out that on a perusal of the lease agreement it would follow invariably that commission payment received @ 1 per cent of the total turnover was a constituent of the ..... we, therefore, find ourselves unable to follow the order of the tribunal for the assessment years 1957-58 to 1961-62 in which the tribunal had valued the property on the basis of cost of land and ..... word 'rental' for the purpose of valuation only means the net yield from the letting out of the property for use by another person. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1994)48ITD1(Delhi)
..... amritsar swadeshi woollen mills, amritsar in which the assessee is a partner representing his huf and in respect of which firm the value of assessee's interest is to be determined under section 4(1)(b) of the wealth-tax act, 1957. ..... she said, "the objection of shri mehra with regard to section 7(2) (a) is that section 7(2) (a) applied to a person who is an assessee under the wealth-tax act and, therefore, it could not be invoked for determining the net wealth of the firm, which is not an assessee. ..... laid down a few more principles, which are as follows (i) the method of capitalisation of rental value with an appropriate multiplier is a satisfactory method of valuation of land and buildings, if only the land has been put to full use legally permissible and economically justifiable and the income is commercial and not a controlled return or a return depreciated on account of several circumstances, (vide p. ..... he could start in earnest in revaluing all the assets and liabilities of the firm under section 7 and wt rules 2a to 2e to work out the interest of the deceased but could not pick out an asset at random and cause an addition. ..... ) of 1981] under the estate duty act, the appellate tribunal was faced with the question whether an addition on account of goodwill of a firm where the deceased was a partner could be sustained as a part of the interest of the deceased or not. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)22ITD1(Delhi)
..... passed a separate dissenting order in which he recorded the following:-- (a) the delhi high court examined the applicability of the rules of valuation under the wealth-tax act as regards the valuation officer and also the appellate authorities. ..... issue has been considered by the special bench of the tribunal in the case of biju patnaik supra, where it was held that the wealth-tax rule 1-bb, being a procedural provision was retrospective and, therefore, applied to the valuation for earlier years also, if the proceedings were pending ..... even though the appeal to the aac and a further appeal to the tribunal may be parts of an integrated process, nevertheless the jurisdiction of the appellate authorities, as we have already observed is to be governed by the provisions of sections 23 and 24 of the act.as the delhi benches of the tribunal are working under the jurisdiction of the hon'ble delhi high court, in my opinion, it is not open to us to follow the ratio of the hon'ble allahabad high court in the case ..... yadav, departmental representative and shri ..... settlement commissioner in the circumstances could only give legal expression or recognition to the interest of the assessee and other coparceners in the said property and not read the ..... settlement commissioner that the three persons were three co-owners and were entitled to equal ..... judicial member, who wrote the leading order, accepted the assessee's claim that the property had to be valued in terms of rule 1-bb of the wealth-tax rules, 1957. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)35ITD102(Delhi)
..... years 1971-72 to 1977-78 had held in the case of maharaja prithvi raj huf (smaller huf) that no partition of the bigger huf took place and that since no order was passed under section 171 of the income-tax act, 1961, or under the corresponding provision under the wealth-tax act, 1957, the bigger huf hitherto assessed as undivided had to be deemed to continue to be huf since a finding of partition was not there. ..... the department has not objected to the maintainability of the appeals through the coparcener and in terms of section 253 of the income-tax act and the relevant provisions of the wealth-tax act the assessee could be said to be justly aggrieved of the impugned order. ..... year 1982-83, the erstwhile karta had set up a title adverse and hostile to the bigger huf whom he represented and therefore, he could not represent the bigger huf any longer. ..... on the facts and in the circumstances of the case the learned cwt/cit (appeals) legally erred in setting aside the assessment merely on the statement of the counsel of the karta that since he has accepted the stand of the department that the status of late maharaja was 'individual' and he inherits the ..... state of orissa air 1961 sc 196 at page 198 for the proposition that the privileges guaranteed under articles 4&5 (of the merger agreement executed by the ruler of sonepur on 15-12-1947) were personal privileges of the ruler as an ex-ruler and those privileges did not extend to his personal property. .....
Tag this Judgment!