Court : Jammu and Kashmir
Reported in : [2001]247ITR549(J& K)
..... by this reference under section 27(1) of the wealth-tax act, 1957 ('the act') (erroneously numbered as income-tax reference), at the instance of the revenue, the income-tax appellate tribunal, amritsar bench, amritsar ('the tribunal'), has referred the following question of law to this court for opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was correct in law in confirming the order of the commissioner of income-tax (appeals) quashing the assessment framed by the wealth-tax officer following the decision ..... in the above case, the supreme court considered at length the question whether the wealth-tax act (minus agricultural land) related to entry 86 of list i (union list) of the seventh schedule as contended by the revenue or entry 97 of list iii (concurrent list) as contended by the assessee and held (page 633) : 'the language of entry 86 also clearly indicates that the tax is upon individuals and not directly upon the assets or upon their value. ..... the real controversy in this case is in regard to the legislative competence of parliament to enact the wealth-tax act in relation to the state of jammu and kashmir in view of the special provision contained in article 370 of the constitution of india. ..... assets' on a true interpretation can only mean market value of assets minus any encumbrances charged upon the assets themselves and held (page 633) : 'the expression does not take in, it is submitted, general liabilities of the person owing them. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : [2000]246ITR603(J& K)
..... by this reference under section 27(1) of the wealth-tax act, 1957 ('act') (erroneously numbered as income-tax reference), the income-tax appellate tribunal, amritsar bench, amritsar ('tribunal') has referred the following three questions of law to this court for opinion at the instance of the ..... person objecting to the amount of net wealth determined under the act or objecting to the amount of wealth tax determined as payable by him under the act or denying his liability to be assessed under the act may appeal to the appellate assistant commissioner under clause (a), (b) and (c) of section 23(1) of the act ..... is the same under the wealth-tax act, 1957('act'). ..... like section 143(3) of the income-tax act, section 16(3) of the act also provides that the assessing officer shall, by order in writing, assess the net wealth of the assessee and determine the tax payable on the basis of ..... order ; it is sufficient compliance with the requirements of section 143(3) of the income-tax act ,1961 if the tax payable is also computed and the computation is approved by the income-tax officer ,either immediately or some time later .4. ..... on the facts and in the circumstances of the case, the tribunal is right in law in considering in the course of and for the purpose of disposing of an appeal with regard to levy of penalty for default under section 18(1)(a) of wealth tax act, 1957 a challenge to the validity of the assessment order which was in fact final and conclusive?2. ..... order is a valid and legal order. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : AIR1997J& K132
..... the provisions of clause (xiv) under explanation-1 of section 5 of the wealth tax act, 1957, extracted above, the court will have to see whether the jewellery in possession of any ex-ruler found to be his personal property which has been recognised as such before the commencement of the wealth tax act, 1957, it is for the central government to decide whether ..... legal concepts and referring to the arguments advanced by the learned senior counsel for the petitioner with a view to establish petitioner's claim over these moveables, the court will have to take into consideration the following events :--though an attempt has been made by the petitioner to show that he wanted to claim exemption as provided under the wealth tax act, 1957 with a view to seek an exemption from payment of tax ..... right of inheritance by the successor of the ex-ruler, holding the private property of the last deceased ruler, the hon'ble supreme court held, as follows :--'the first question which falls for ..... taxes (wt & j) who will be accompanied by the director general of archaelogical survey of india, director antiques, director national museum and approved members of jewellery for determining the true nature and character of same and whether any and if so what items constitute heirlooms of articles of personal use of the appellant and his family inspection will be taken in the presence of the appellant's representative as representative of the state government such representative ..... wealth tax shall become payable .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : [2000]246ITR607(J& K)
..... it has been held that it will be sufficient compliance with the requirements of section 16(3) of the wealth-tax act, 1957, if the tax payable is also calculated and the assessing officer approves the same by putting his signature thereon ..... under section 27(1) of the wealth tax act, 1957 (erroneously numbered as income-tax reference) ..... to the validity of the assessment order, which has become final and conclusive, in an appeal against the order of the appellate assistant commissioner passed on an appeal against an order of penalty under clause (d) of section 23(1) of the wealth- tax act. ..... has referred the following questions of law to this court for opinion at the instance of the revenue :'i) whether, in view of the fact that tax had been properly calculated on a separate calculation sheet duly signed by the wealth-tax officer on the same date on which the order computing the taxable wealth has been signed by him, the tribunal is right in holding that the ratio of the decision given by the j&k; high court in the case of ..... naqshbandi, srinagar applies to this case?ii) whether, on the facts and in the circumstances of the case, the tribunal is right in law in cancelling the penalty order on the ground that there was no legally determined wealth, when the assessment order determining the wealth passed on 27.3.1971 has already become final?iii) whether, on the facts and in the circumstances of the case, the tribunal is right in law in deleting the penalty of rs.27, 536/- imposed u/s .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : (2001)165CTR(J& K)347,[2001]246ITR603(J& K)
..... j.by this reference under section 27(1) of the wealth tax act, 1957, (hereinafter referred to as 'the act') (erroneously numbered as income-tax reference), the income tax appellate tribunal, amritsar bench, amritsar (hereinafter referred to as 'the tribunal'), has referred the following three questions of law to this court for opinion at the instance of the revenue .'1. ..... , the assessment order ; it is sufficient compliance with the requirements of section 143(3) of the income tax act, 1961, if the tax payable is also computed and the computation is approved by the income tax officer, either immediately or some time later.the position is the same under the wealth tax act. ..... any person objecting to the amount of net wealth determined under the act or objecting to the amount of wealth-tax determined as payable by him under the act or denying his liability to be assessed under the act may appeal to the appellate assistant commissioner under clauses (a), (b) and (c) of section 23(1) of the act, respectively. ..... whether, on the facts and in the circumstances of the case, the tribunal is right in law in considering in the course of and for the purpose of disposing of an appeal with regard to levy of penalty for default under section 18(1)(a) of the wealth tax act, 1957, a challenge to the validity of the assessment order which was in fact final and conclusive ?2. ..... the assessment order is a valid and legal order. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : [2001]246ITR607(J& K)
..... 7 of 1979), it has been held that it will be sufficient compliance with the requirements of section 16(3) of the wealth tax act, 1957, if the tax payable is also calculated and the assessing officer approves the same by putting his signature thereon. ..... j.this is a reference under section 27(1) of the wealth tax act, 1957 (erroneously numbered as income-tax reference). ..... cannot consider the challenge to the validity of the assessment order, which has become final and conclusive, in an appeal against the order of the appellate assistant commissioner passed on an appeal against an order of penalty under clause (d) of section 23(1) of the wealth tax act. ..... (ii) whether, on the facts and in the circumstances of the case, the tribunal is right in law in cancelling the penalty order on the ground that there was no legally determined wealth, when the assessment order determining the wealth passed on 27-3-1971, has already become final (iii) whether, on the facts and in the circumstances of the case, the tribunal is right in law in deleting the penalty of rs. ..... '(i) whether, in view of the fact that tax had been properly calculated on a separate calculation sheet duly signed by the wealth tax officer on the same date on which the order computing the taxable wealth has been signed by him, the tribunal is right in holding that the ratio of the decision given by the jammu and kashmir high court in the case of s. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : (1983)35CTR(J& K)194,[1983]142ITR574(J& K)
..... the common question of law arising for our determination in this group of writ petitions is :'whether the wealth-tax act, 1957 (central act no. ..... it was only assumed that the original wealth-tax act fell within entry 86, list i, and on that assumption that entry was analysed and contrasted with entry 49, list ii. ..... we may mention that this court has never held that the original wealth-tax act fell under entry 86, list i. ..... it would also be noticed that entry 86, list i, deals only with individuals and companies but net wealth-tax can be levied not only on individuals but on other entities and associations also. ..... --(1) subject to any general or special orders which the state government may make in this behalf and to the provisions of sections 101 and 102, a municipality may impose for the purposes of this act any of the following taxes, namely : (i) a tax on buildings or lands situated within the municipal borough to be based on the annual letting value or the capital value or a percentage of capital value of the buildings or lands or both ;......' 15. ..... in certain exceptional cases, where a person owes no debts and is under no enforceable obligation to discharge any liability out of his assets, it may be possible to break up the tax which is leviable on the total assets into components and attribute a component to lands and buildings owned by an assessee. ..... the court rejected the challenge and explained the legal position in these words (p. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : (2001)169CTR(J& K)273,[2001]248ITR744(J& K)
..... jammu, whereby the board confirmed to the association as under : 'i am directed to refer to your letter dated april 3, 1974, addressed to the finance minister and to confirm that the provisions of clauses (xxxi) and (xxxii) of sub-section (1) of section 5 of the wealth-tax act, 1957, would be applicable to such of the undertakings of the forest lessees as are engaged in the business of extraction of wood from the forest, i.e. ..... kuthiala, vice president, jammu forest lessees association, confirming that the provisions of clauses (xxxi) and (xxxii) of sub-section (1) of section 5 of the wealth-tax act, 1957, would be applicable to such of the undertakings of the forest lessees as are engaged in the business of extraction of wood from forests ..... which was referred to the board was whether the forest lessees of jammu and kashmir could be said to be engaged in the business of manufacture of goods and entitled to the benefit of exemption from wealth-tax under clauses (xxxa), (xxxi) and (xxxii) of the wealth-tax act. ..... it is well settled that the circulars issued bythe board are binding on the officers and persons employed in the execution of the act, more so the circulars beneficial to the assessee which tone down the rigour of the ..... the board, after obtaining legal opinion from the ministry of law, government of india, issued the following circular on february 22, 1982 (see [1982] 135 itr 7) : 'deductions under section 80hh and 80j of ihe income-tax act in the case afforest lessees- .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : 2005(2)JKJ5
..... in coming to the conclusion that the transaction of generation, supply and sale constitutes inter-state sale on account of instantaneous movement of goods from one state to another under section 3 of the central sales tax act, 1956, the supreme court noticed the attributes of inter-state sale in these words:'it is well settled by a catena of decisions of this court that a sale in the course of inter-state trade has three essential ingredients: (i) there ..... ' while considering the question as to whether electricity is 'goods' or not, the supreme court observed that 'the goods as defined for the purpose of sales tax cannot be taken in a narrow sense and merely because electric energy is not tangible or cannot be moved or touched like, for instance, a piece of wood or a book, it cannot cease to be movable property when it has all the attributers of such ..... (2) there shall be levied for and paid to the government the electricity duty at the rate of four paise per unit also by a person generating energy for his own use or consumption on the energy used or consumed by him in a month.15. ..... that being so, it must be held that sro 141 dated 21st april, 1999 lacks in legal sanction and no demand as such could be raised on its basis, muchless executed against the producer such as the petitioner-corporation.37. ..... the petitioner denied liability on technical ground that in the absence of notification no duty was payable. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : [1975]98ITR311(J& K)
..... this company claimed rebate in accordance with the provisions of section 84 of the income-tax act, technically known as tax holiday, on the ground that it was a new business and was, therefore, entitled to rebate for a period of five ..... the same business in a new manner and, therefore, the conditions of section 84(2)(i) of the income-tax act were not fulfilled. ..... that even if the new company be deemed to be a continuation of the old company, since a new business had been started, the assessee was entitled to tax holiday under section 84 of the income-tax act. ..... , therefore, we answer the reference in the affirmative and hold that the tribunal was right in deciding that the assessees were entitled to the exemption provided under section 84 of the income-tax act of 1961. ..... been referred to us in both these cases : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the assessee-company was entitled to the exemption provided under section 84 of the income-tax act, 1961 ? ..... has mentioned in its judgment that when the draft statement was circulated to the parties the departments representative had no suggestion to make. ..... , reorganisation of the business on sounder lines or alterationsin the mode or method of scope of the activities or control of the businesswould be no more than reconstruction of the business if it is substantiallythe same business carried on by substantially the same persons. ..... the legal effect of the transaction has to be .....
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