Court : Kolkata
Reported in : [1977]106ITR57(Cal)
..... section 24b by fictio juris has extended the legal personality of the deceased assessee up to the end of the accounting year in which he has died and accordingly the income earned by him or accrued to him is assessable in the hands of his heirs or legal representatives under the act, whereas the charge is on the net wealth of an individual on the corresponding valuation date under the wealth-tax act. ..... the question now is whether the executors can be brought to tax in the year of his death under section 19(2) of the act, which reads as follows : 'where a person dies without having furnished a return under the provisions of section 14 or after having furnished a return which the wealth-tax officer has reason to believe to be incorrect or incomplete, the wealth-tax officer may make an assessment of the net wealth of such person and determine the wealth-tax payable by the person on the basis of such assessment, and for this purpose may, by the issue ..... section 3 of the act provides as follows ; 'subject to the other provisions contained in this act, there shall be charged for every assessment year commencing on and from the first day of april, 1957, a tax in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the rate or rates specified in the schedule.' 5. ..... this is a reference under section 27(1) of the wealth-tax act, 1957, concerning the estate left by late sir edward c. .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)122CTR(Cal)21,[1994]209ITR343(Cal)
..... it may also be noted that when an appeal is heard by the commissioner of income-tax (appeals) under section 23 of the wealth-tax act, 1957, and one of the questions involved in the appeal relates to the valuation of any asset, the commissioner of income-tax (appeals) is required to give a notice of hearing to the departmental valuation officer under sub-section (3a) of section 23 of the wealth-tax act, 1957. ..... in the absence of any provision in the income-tax law corresponding to section 23(3a) of the wealth-tax act, 1957, the first question raised by the revenue in this reference is answered in the affirmative and in favour of the assessee.13 ..... the report of the district valuation officer obtained under section 16a(5) of the wealth-tax act, 1957, is wholly irrelevant as this was not a case of assessment under the wealth-tax act. ..... income-tax officer referred the question of valuation of the cost of construction of the main building to the district valuation officer (dvo) under section 16a(5) of the wealth-tax act, 1957. ..... if the revenue wanted the departmental valuation officer to be heard by the tribunal, it could on its own request the departmental valuation officer to appear before the tribunal and represent the case of the department when the appeal is fixed before the tribunal for hearing. ..... if the revenue was really serious, it could have easily produced the district valuation officer to represent the department before the commissioner of income-tax (appeals) and/or the tribunal. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1970Cal462,[1970]78ITR214(Cal)
..... ' while these circulars under section 13 of the wealth tax act bind all officers and other persons employed in the execution of the wealth tax act, they do not bind this court nor have they any legal validity unless tested. ..... we cannot over-emphasize the fact and we repeat that compensation either interim or final when paid certainly becomes an asset, a part of the wealth and will attract wealth tax under the wealth tax act wilnin the definition of asset in section 2(e) of the wealth tax act and we also repeat that mere physical or other mechanical difficulties of valuing an asset, will be no deterrent under section 7 of the wealth tax act, so long it does not suffer from legal prohibition of being sold in real or imaginary open market. ..... taken away, has vested in the state, but where the final compensation assessment roll has not been prepared and published and the compensation officer has not calculated the amount, if any, at all payable to the assessee then this inchoate right is not yet a legal right which can be regarded as an 'asset' within the meaning of section 2(e) of the wealth tax act. ..... 150:'nor has he pressed the contention that the amount of compensation paid or payable to the assessee under the act xxvi of 1948 must be treated as representing agricultural land and therefore excluded from consideration. ..... the statement of case refers to the assessments during 1957-58, 1958-59 and 1950-60. ..... state of kerala, air 1957 sc 57. .....
Tag this Judgment!Court : Kolkata
Reported in : [1968]69ITR260(Cal)
..... respondent assessee claimed that in computing its net wealth for the purpose of wealth-tax those amounts ought to be deducted as debt, owed by it, within the meaning of section 2(m) of the wealth-tax act, 1957, on the respective valuation dates. ..... from the indian income-tax payable by him of a sum calculated on such doubly taxed income at the indian rate of tax or the rate of tax of the said country, whichever is the lower.'dr. ..... 44,39,718 only, and disallowed the balance as not representing any debt owed by the assessee on the material valuation date.against the order of the appellate assistant commissioner the assessee and the revenue both appealed before the appellate ..... (1) if any person who is a resident in the taxable territories in any year proves that, in respect of his income which accrues or arises during that year without the taxable territories (and which is not deemed to accrue or arise in the taxable territories), he has paid in any country, with which there is no reciprocal arrangement for relief or avoidance of double taxation, income-tax, by deduction or otherwise, under the law in force in that country, he shall be entitled to the deduction .....
Tag this Judgment!Court : Kolkata
Reported in : [1968]38CompCas660(Cal),[1968]69ITR379(Cal)
..... on the facts and in the circumstances of the case, the wealth-tax payable by the assessee was a permissible deduction under the provisions of section 10(1), section 10(2)(ix) read with section 10{4) or section 10{2)(xv) of the indian income-tax act, 1922 ? ..... of the appeal before the appellate assistant commissioner, the income-tax officer issued a notice, under section 34(1 )(b) of the indian income-tax act, on august 30, 1958, requiring the assessee to submit a revised return for the year 1957-58. ..... to get a party which is elected to power with the help of such financial aid to determine upon policies in the interests of the country, in the interests of socialism, or in the interests of democracy....now, before we deal with the legal aspect, it may be pointed out in fairness to the company that it has made the position clear that the congress has already come to a particular decision as to policy and contribution that is sought to be made is not to influence or ..... no obligation upon the trustees to utilise the fund or any part thereof for promoting education in insurance, and even if the trustees utilised the fund for that purpose, it was problematic whether any such persons trained in insurance business and practice were likely to take up employment with the company. ..... this has been possible as a result of the order of the high court dated the 17th june, 1957, sanctioning the application of the appellant-company for modifying the object clauses of the memorandum of association of .....
Tag this Judgment!Court : Kolkata
Reported in : (1976)5CTR(Cal)180
..... in other words, is the wealth tax a tax on the capital value of the assets or a tax on lands and buildings it was held by the supreme court that the tax imposed that the tax imposed by section 3 of the wealth tax act, 1957 was on the net wealth on the corresponding valuation date and not on the increase in the wealth of the assessee or accretions to the wealth of the assessee since the last valuation date. ..... there the learned judges of the supreme court held that section 24 of the finance act, 1969 which incorporated the amendments to the relevant provisions of the wealth tax act, 1957, included the capital value of agricultural lands in computing the net wealth for the purposes of wealth tax was within the legislative competence of the parliament. ..... on receipt of the said notice under section 7 of the bengal public demands recovery act, 1913, the petitioner filed objection denying his liability, contending, inter alia that the impugned certificate related to wealth-tax and the wealth tax act, 1957 had been impliedly repealed with effect from the 1st of april, 1962 when the income-tax act, 1961 came into force. ..... section 68, section 69-a and 69-b of the income-tax act, 1961 also deal with what are supposed to be receipts represented by cash credits or investments or accretions to property.8. .....
Tag this Judgment!Court : Kolkata
Reported in : [1968]69ITR446(Cal)
..... he has referred to the letter dated july 7, 1960, addressed by the petitioner to the wealth-tax officer requesting the officer to grant the certificate as required under section 34 of the wealth-tax act and has drawn my attention to the fact in the said letter, the sale price has been stated to ..... have been considered to be the net sale proceeds after taking into consideration the costs, charges and expenses incidental to the sale and the sale price mentioned in the said wealth-tax assessment order represents the net price. ..... the said proceedings.the assessment order in respect of the wealth-tax and income-tax of the petitioner for the assessment year 1961-62, and the correspondence which passed between the petitioner and the income-tax officer and which have just been referred to, have all been set out in the petition.in this petition the petitioner challenges the validity and/or legality of the said notice dated the 22nd february, 1966, ..... drawn my attention also to the fact that at the time of assessment, the officer dealing with the petitioners wealth-tax and income-tax returns was the same person whose name was n. c. ..... the order of assessment, which was passed by another income-tax officer, clearly records at the time of making the assessment the petitioner appear personally and has produced evidence and said the officer has discussed the case with ..... january 1, 1954, and it is his contention that in any event that is a matter of opinion or of personal view of the officer concerned. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1968Cal298,[1968]67ITR823(Cal)
..... represents not only a liability of the assessee but also a debt 'owed by the assessee' within the meaning of section 2(m) of the wealth-tax act with regard to the rest of the amount claimed by the assessee it is conceded that there was no assessment much less a demand for taxes due to the central or provincial governments, before the valuation date and, therefore, it cannot be allowed as a debt owed by the assessee within the meaning of section 2(m) of the wealth-tax act ..... representing the amount of taxation liability not actuallyassessed before the valuation date, should beexcluded from the value of the wealth of theassessee, respectively under sections 2(e)(ii), 5(1)(ix) and 2(m) of the wealth-tax act ..... at the instance of the assessee: --'(1) whether on the facts and in the circumstances of the case, the value of the residential quarters aggregating to rupees 51,81,559 is allowable as a deduction under section 2(e)(ii) of the wealth-tax act, 1957. ..... in the circumstances of the case, the value of electrical machinery (non-factory) at rupees 11,93,222 is allowable as a deduction from the net-wealth of the assessee under section 5(1)(ix) of the wealth-tax act 1957? ..... wealth-tax shall not be payable by an assessee in respect of the following assets and such assets shall not be includedin the net wealth of ..... a company is a person who can reside within the meaning of the word 'reside as used in the income-tax act and other statutes. ..... industry of agriculture or of cultivation by legal fiction. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1970Cal335,[1970]76ITR589(Cal)
..... this question is directed to the consideration whether the manager's bungalow, staff quarters and labour lines belonging to the company could be treated as 'out-houses' within the meaning of section 2(e)(ii) of the wealth tax act, 1957 and as such can be exempted from wealth tax even though they do not merit exemption on the ground that they are dwelling houses. ..... section 2(c) itself, clause (e) (ii) of which is under consideration, expressly defines an assessee to mean a person by whom inter alia the wealth-tax is payable under the act. ..... , are concerned in view of the aforesaid decision and the decision in the case of : [1968]67itr823(cal) , we answer it by saying that these may satisfy the description of 'tools and implements' under section 5(1)(ix) of the wealth tax act, 1957, but their eligibility for deduction under that section will depend upon the further finding that they are used exclusively for the purposes of raising agricultural produce. ..... normally, no construction should be put on a taxing statute which will deprive a legally liable assessee to make a claim for exemption. ..... if the word 'his' in section 2(e)(ii) of the wealth tex act is meant to indicate the gender, then i would say that the legal gender does not follow necessarily the biological gender. ..... an incorporated company may runthe industry of agriculture or of cultivation by legal fiction. .....
Tag this Judgment!Court : Kolkata
Reported in : [2002]258ITR29(Cal)
..... lakhs 'as liabilities debts in terms of the provision of sub-section (2) of section 40 of the finance act, 1983, nor under the provisions of section 2(m) of the wealth-tax act, 1957.'7. ..... is difficult to appreciate however as to how the said decision could be said to be relevant to the issue involved in the instant case which is assessment of a property owned by a person under the wealth-tax act. ..... , in the context of section 22 of the income-tax act, 1961, having regard to the ground realities and further having regard to the object of the income-tax act, namely, to tax the income, 'owner' is a person who is entitled to receive income from the property in his own ..... the above decision was given under the provisions of the income-tax act for the purposes of taxing the income in the hands of a person actually receiving the same. ..... (b) unless he has improperly declined to accept delivery of the property, to a charge on the property, as against the seller and all persons claiming under him, to the extent of the seller's interest in the property, for the amount of any purchase money properly paid by the buyer in anticipation of the delivery and for interest on such amount; and, ..... that case the supreme court was primarily engaged with the interpretation of the word 'owner' and held that though under the common law 'owner' means a person who has got valid title legally conveyed to him after complying with the requirements of law such as the transfer of property act, the registration act, etc. .....
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