Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 19 tax of deceased person payable by legal representative Court: income tax appellate tribunal itat pune Page 1 of about 13 results (0.300 seconds)

Late Shri Ajit J. Mehta Vs. Jt. Commissinoer of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2006)101ITD11(Pune.)

..... the view that the ratio of that decision, though given under the wealth-tax act, is fully applicable to the facts of this case.3.2. ..... it is also mentioned that the value of the property shown in the wealth-tax return on 01.04.1981 ought not to have been taken as the fair market value on that day for the purpose of computing capital gains and that the value declared in that return did not act as estoppel against the assessee.certain case laws were also cited in support of ..... the hon'ble tribunal pointed out that the value for the wealth-tax purpose was discounted because of existence of peculiar facts of that case that even the previous owner had not taken the possession of the property due to ..... in such a circumstance, the hon'ble tribunal, in the wealth-tax proceedings, granted reduction of 60% from the fair market value ..... therefore, the discount given by the tribunal in the wealth-tax proceedings could not have been considered for the purpose of fixing the value on 01.04.1981 for the purpose of computing ..... by the registered valuer, it is inter-alia mentioned that the said land was converted into stock-in-trade and on the date of such conversion, the restrictions of urban land ceiling act (ulca) were not applicable.therefore, the value on 01.04.1981 had to be made on the basis that the restrictions of ulca were not applicable. ..... there was an alternative to get the scheme approved under section 21 and put the land to use as per the ..... in terms of that act, if any person held the land exceeding .....

Baldevraj Sitaram Malhotra Vs. Income-tax Officer/Deputy

Court : Income Tax Appellate Tribunal ITAT Pune

..... 1981-82 and 1982-83, the assessee filed the wealth-tax and income-tax returns and their income-tax assessments were framed under section 143(3) of the income-tax act and the wealth-tax returns under section 16(3) of the wealth-tax act. ..... have filed the profit and loss accounts and the balance-sheets along with their returns.however, the learned departmental representative argued that a vague note was appended to the return of the assessment year 1981-82 and absolute silence maintained about the sale of the plots in the income-tax return for the assessment year 1982-83 by the assessees with a mala fide intention of concealing the real state ..... the assessee had also filed returns under the wealth-tax act, 1957, disclosing the amount realised by relinquishment of his right as co-owner in ..... legal position is that if there are in fact some reasonable grounds for the income-tax officer to believe that there had been any non-disclosure as regards any fact, which could have a material bearing on the question of underassessment, that would be sufficient to give jurisdiction to the income-tax officer to issue the notice under section ..... ordinarily, a person who is carrying on business is expected to maintain books of account, prepare profit and loss account as well as balance-sheet at the close ..... a person can keep a large chunk of land for a number of years previously in order to subsequently convert the land into non-agricultural land, make it into plots with a view to sell them at a profit at a .....

Dy. Commissioner of Income-tax, Vs. Spirax Marshall Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)110ITD229(Pune.)

..... cwt , which explains the meaning of the term 'debt owed' under the wealth-tax act, 1957.5.3 at this stage, the learned counsel was required to state the basis on which retention money was offered for taxation in subsequent years.his argument was that such matter does not exist ..... the relevant previous years.from the perusal of the order of the learned cit(a) and the facts mentioned in the affidavit, it will be seen that there is a manifest contradiction, namely, that while it was represented before the learned cit(a) that the retention money was received, it is mentioned in the affidavit that the retention money was not received in the relevant previous year. ..... takes place when right to receive income arises [171 itr 41, 161 itr 524, 61 itr 395], ii) in a contract, under mercantile method of accounting, the accrual of income takes place when the assessee gets unconditional legal right to receive money under the agreement [192 itr 15, 179 itr 8, 48 itd 141, 247 itr 457], iii) receipt of money by itself does not lead to accrual of income especially when the assessee has ..... in the facts and circumstances of the case, the cit(a) has erred legally and factually in upholding the reworking of the deduction under section 80 hhc made by the ao, by including excise duty and sales tax as part of total turnover, and in not following the decisions of itat, bombay, in the case of ponds ..... to have appreciated that these expenses are wholly and exclusively for business and are not personal expenses. 3. .....

Controller of Estate Duty Vs. D.G. Cooper

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)44ITD481(Pune.)

..... house or part thereof belonging to the deceased (which the accountable person may at his option specify in writing in this behalf) shall be, (a) where the value of such house or part is included in computing the net wealth of the deceased for the purposes of making an assessment under the wealth-tax act, 1957 (27 of 1957) (hereafter in this sub-section referred to as the wealth-tax act) in respect of his net wealth on the valuation date immediately preceding the date of his death, the value as taken by the wealth tax officer for the purposes of such ..... samant, learned departmental representative has vehemently contended that the basis of valuation of residential property in terms of rule ibb of wealth tax rules, 1957 provided for in section 36(3) of the estate duty act, 1953 which has been inserted by the estate duty (amendment) act, 1982 with retrospective effect from 1-3-1981 is applicable for deaths taking place from 1-3-1981 and not earlier. ..... which is the compensation payable under the urban land ceiling act, 1976.24. .....

Shri Satvinder Singh Kalra and Vs. Commissioner of Wealth-tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)109ITD241(Pune.)

..... the id counsel for the assessee has submitted that the properties in question are not liable to be included within the definition of "assets" as defined under section 2(ea) of the wealth-tax act, 1957, inasmuch as they are covered by exception under sub-clause (5) of clause (i) of sub-sec (ea) of section 2 of the wealth-tax act as these are the properties in the nature of commercial establishments or complexes. ..... question were not in the nature of commercial establishment and complexes, but were in the nature of building which were used for commercial purposes and, as such, the same is not covered by sub-clause (5) to clause (i) of sub-section (ea) of section 2 of wealth-tax act, 1957 and as such, the assessee's claim has been rightly rejected by the learned authorities below. ..... we have deliberated upon the relevant provisions of law as well as the various other legal propositions referred to by both the parties in the course of hearing of the appeals.13 ..... is this sub-clause; iv) yachts, boats and aircraft's (other than those used by the assessee for commercial purpose); vi) cash in hand, in excess of fifty thousand rupees, of individuals and hindu undivided families in the case of other persons any amounts not recorded in the books of account. ..... being not occupied by the assessee for the purpose of any business or profession carried on by him would not be covered by this sub-clause (3) even though the same may be used for commercial purposes by any person other than the assessee.19. .....

N.R. Karia Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1985)13ITD545(Pune.)

..... , whether the exemption under section 5(1)(iv) of the wealth-tax act, 1957 ('the act') is to be allowed at the stage of computing the net wealth of the firm in terms of rule 2 of the wealth-tax rules, 1957, or the deduction is to be allowed in the hands of the partner from his interest in the partnership as determined ..... it has been observed by the karnataka high court that the deduction contemplated by section 5(1)(iva) of the said act is in the computation of the net wealth of an individual who is an assessee and not the firm of which he may be a ..... the learned departmental representative stated that he would even urge that deduction under section 5(1)(iv) was not admissible either in the case of the firm or in the case of the ..... as far as the contention of the learned departmental representative that no deduction could be allowed in respect of the value of immovable property held by a firm, in the hands of the partner, is concerned, the decision of the special bench of the tribunal in the case of l.gulabchand jhabakh (supra) discusses ..... have already seen how under section 3 of the said act, charge of wealth-tax is made on the net wealth of an individual, huf and company, which would mean that the assessee contemplated under section 5(1) would be an individual and not the communion, whether a communion be regarded as a body of individuals or an association of persons. ..... the learned departmental representative, on the other hand, relied on the decision of the madras high court in cwt .....

thermax Limited Vs. Dy. Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)110ITD591(Pune.)

..... his main thrust was that the net wealth has to be assessed in terms of section 2(m) of wealth tax act. ..... up in appeal, the argument of the assessee was that the income tax and the wealth tax act form an integrated code of direct taxes and the values with reference to which depreciation has been allowed under ..... show-cause notice, the response of the assessee was that the tied-up loans from vehicles represented the amount of security deposit and the amount collected from the employees in respect of vehicles used ..... 14 of schedule iii applies only in the case when a global valuation of the assets of the business as a whole are to be computed, whereas in the instant case only the motor cars were subjected to wealth-tax and wereunder valuation and not the business of the assessee as a whole. ..... act should be considered for the purpose of computing wealth tax ..... it was found from the wealth tax statement filed along with the return that ..... , 128 itr 626 (bom), the a.o has mentioned that "the expression 'debt owed' within the meaning of section 2(m) means to be under obligation to pay, it does not really add to the meaning of the word 'debt' and further the concept of debt postulates a existing liability, a liability which has accrued is distinguished ..... a specified sum of money owing to one person from another, including not only obligation of debtor to pay but right of ..... to respond to another in money, labor, or service; it may even mean a moral or honorary obligation, unenforceable by legal action. .....

Assistant Commissioner of Vs. Club of Mahabaleshwar

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)44ITD520(Pune.)

..... however, the high court made a pertinent observation to the effect that it is apparent that if the institution, association or body contemplated by the extended definition of company were to be treated as taxable unit for the purpose of section 3 of the wealth-tax act, 1957, then this would be something different from a partnership firm or an a association of persons which was contemplated by the provisions of section 4(1)(b) of the wealth-tax act, 1957.8. ..... the andhra pradesh high court also relied on sub-section (4) of section 21aa in support of its conclusion, which provides that upon discontinuation or dissolution of an association of persons, every person who was a member of such association on such date shall be jointly and severally liable for the amount of tax, penalty or other sum payable by the association. ..... therefore, there is no force in the contention of the learned departmental representative as the aforesaid judgments were duly considered by the bombay h.c.24. ..... , the members or trustees are not entitled to any share in the income of the association of persons, the provisions of new section 167a will not be attracted and, accordingly, tax will be payable in such cases at the rate ordinarily applicable to the total income of an association of persons and not at the maximum marginal rate. .....

Gangadhar Narsingdas Agrawal Vs. First Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1984)7ITD864(Pune.)

..... this case is whether this obligation or liability amounted to a 'debt' within the meaning of section 2(m) of the wealth-tax act, 1957 ('the act') for it is only if that condition is satisfied that the assessee would be entitled to its deduction in the computation of its net wealth for each of the years. ..... deed, he argues that the very placement of the so called liability in part v of the deed which determines the rents and royalties payable by the lessee, shows that there was no liability suffered by the assessee for the restoration of the land used and occupied to its ..... so far as the assessee's claim raised in terms of the lease agreements under the indian act for the assessment years 1966-67 to 1976-77 is concerned, we do not accept the interpretation sought to be given to clause 4 of part v by the departmental representative that the obligation laid upon the assessee for restoration was limited only to such portion of the lands demised to it under the leases ..... ever been spent or provided for in the accounts or demanded by the lessor for meeting or discharging any such liability, though he contends that this maybe due to ignorance of the legal position on the part of the lessee as much as of the lessor and should not on that account defeat the assessee's claim.6. ..... , 1965-66 to 1976-77 are firstly, that the gifts made to the two persons rajiv and mahesh being valid, the jetty purchased out of the gifted amounts and its income could not be included in the assessments of the huf and .....

Ranchhoddas M. Sugnadhi Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1983)4ITD62(Pune.)

..... mammed kayi [1981] 129 itr 307, 313 (sc) [the supreme court in that case held that the term 'individual' (under section 3 of the wealth-tax act) should be construed as referable to a single human being cannot be obviously accepted]. ..... asked to adjudicate upon this issue, it will have to follow the decision of the madhya pradesh high court (supra).shri sathe attacked the argument of shri gadgil that a huf is given exemption under section 5(1)(iv) of the wealth-tax act but it is worth noting that because section 5(1)(iv) is amended, the exemption is granted to assessee from 1-4-1972 and, therefore, the assessee cannot make much of the exemption granted to the huf which was given for self-occupied property. ..... we enter into merits of the matter, we shall first refer to the definition of 'assessee' as given in section 2(7) which defines the 'assessee' as meaning a person by whom any tax or any other sum of money is payable under this act. ..... the ito in para 10 of his order held that the assessee's contention that the gains represented long-term capital gains was not acceptable as according to the ito the asset which was transferred in 1975 was not acquired in ..... (fb) and stated that the high court was dealing with a question whether a firm is entitled to exemption because according to him the firm is legally competent to hold property and also to deal with the said property. ..... sodra dew [1957] 32 itr 615, it is held that an individual does not mean only a human being ..... cit [1957] 31 itr 721 ( .....