Court : Rajasthan
Reported in : (1985)48CTR(Raj)331; [1985]155ITR438(Raj)
..... sajjan kumari, the legal representative of the deceased, shri bhanu pratap singh, in terms of section 18(1)(a) of the wealth-tax act, 1957, for late filing of the return in respect of the valuation date of march 31, 1966 2. ..... tax of deceased person payable by legal representative.--...... ..... 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 of the appropriate notice which would have had to be served upon the deceased person if he had survived, require from the executor, administrator or other legal representative of the deceased person any accounts, documents ..... , or other evidence which might under the provisions of section 16 have .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]165ITR705(Raj)
..... tribunal dated july 24, 1980 :' whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding the finding of the appellate assistant commissioner that initiation of proceedings under section 17 of the wealth-tax act, 1957, is bad in law 'as regards the addition of the value of the mardana mahal, it was submitted on behalf of the assessee that an oral family settlement had taken place on october 24, 1968, by which a portion of the mardana mahal was ..... the wealth-tax officer, after the assessments of the assessee in respect of the assessment years 1971-72 to 1975-76 were completed, initiated reassessment proceedings under section 17(1)(a) of the wealth-tax act, 1957, by issuing notices dated march 15, 1978. ..... the question as to whether the family settlement as envisaged by the document dated october 28, 1969, represented a genuine transaction is a matter relating to which the relevant facts have been disclosed and material was placed by the assessee before the wealth-tax officer at the time of assessment. ..... the revenue audit part subsequently in its report observed that as the document dated october 28, 1969, was not registered, it was ineffective and could not be treated as a valid legal document regarding partition of immovable property. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]164ITR237(Raj)
..... after the report of the valuation officer was received, the wealth-tax officer issued notices to naushir marfatia under section 17(1) of the wealth-tax act on the ground that he has reason to believe that on account of the failure on the part of such person to make a return of wealth under section 14 of the wealth-tax act of his net wealth, the net wealth chargeable to tax under the act had escaped assessment for the years 1973-74, 1974-75, 1975-76 and 1976-77. ..... the appellate tribunal, by its order dated may 25, 1981, rejected the applications for making a reference on the ground that the question sought to be referred by the commissioner of wealth-tax, jaipur, was decided by the calcutta and rajasthan high courts and the legal position set out by the two high courts was accepted by the department and further that the principle laid down in the decisions of the two high courts was applied by the ..... the income-tax appellate tribunal requesting the tribunal to refer the following question arising out of its order dated february 16, 1981, to this court for its opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the assessment has not been validly reopened and in setting aside the order of the appellate assistant commissioner and cancelling the assessment made under section 17 of the wealth-tax act, 1957?' 6. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]163ITR385(Raj)
..... in that case as well, the appellate assistant commissioner passed an order of rectification under section 35 of the wealth-tax act, 1957, withdrawing the exemption granted to the petitioner in respect of jewellery and ornaments and included an amount of rs. ..... these applications and has prayed that the tribunal be directed to make a reference to this court on the following question of law : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the exemption granted in respect of jewellery and ornaments to the assessee at the time of original assessment did not disclose any mistake apparent from the record which can be rectified under section 35 of the wealth-tax act, 1957 ?' 3. ..... these are two applications under section 27(3) of the wealth-tax act, 1957 (no. ..... in view of the decision of the supreme court and in view of the other decisions referred to above, in our opinion, no case for initiating proceedings under section 35 of the wealth-tax act has arisen as the original assessment does not disclose any mistake apparent from the record and we decline to direct the tribunal to state the case on the question stated by the petitioner calling upon the ..... subsequently, section 5 of the wealth-tax act was amended by the finance (no ..... the effect of the amendment was that exemption in regard to jewellery and ornaments for personal use ceased and the value of the jewellery and the ornaments intended for personal use became taxable. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1986]158ITR47(Raj)
..... in that case as well, the appellate assistant commissioner passed an order of rectification under section 35 of the wealth-tax act, 1957, withdrawing the exemption granted to the petitioner in respect of jewellery and ornaments and included ..... under section 27(3) of the wealth-tax act, 1957, for directing the income-tax appellate tribunal, jaipur bench, jaipur, to state a case and refer the question of law arising out of the tribunal's order dated june 24, 1977, passed in wealth-tax appeals nos ..... that the tribunal be directed to make reference to this court on the following question of law i 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the exemption granted in respect of jewellery and ornaments to the assessee at the time of the original assessment did not disclose any mistake apparent from the record which can be rectified under section 35 of the wealth-tax act, 1957?'4. ..... in view of the decision of the supreme court and in view of the other decisions referred to above, in our opinion, no case for initiating proceedings under section 35 of the wealth-tax act has arisen as the original assessment docs not disclose any mistake apparent from the record and we decline to direct the tribunal to state the case on the question stated by ..... amendment was that exemption in regard to jewellery and ornaments for personal use ceased and the value of the jewellery and the ornaments intended for personal use became taxable. .....
Tag this Judgment!Court : Rajasthan
Reported in : [2002]257ITR294(Raj)
..... referring to the phraseology used in cognate taxing statutes like the indian income-tax act, 1922, and the gift-tax act, 1958, and existing decided cases considering the charging sections of the indian income-tax act, 1922, the court said (page 4) :'when the wealth-tax act, 1957, was passed, the legislature decided to specify only 'individual, hindu undivided family and ..... could have been made under section 21 of the wealth-tax act as a representative of those, on whose behalf or for whose benefit the assets are held by it, if wealth-tax was otherwise leviable on such beneficiaries for whose benefit such property is held by them in trust to the extent the value of the assets represent the concerned beneficiary's interest.4. ..... have known the large number of cases that were heard and decided on the scope of the charging section under the indian income-tax act and the meaning ascribed to 'association of persons' therein. ..... why an amendment was necessary to be made by the finance act, 1981, whereby section 21aa was inserted to bring to tax net wealth of an association of persons where individual shares of the members of the association were ..... the same has been rejected by holding that the answer to the question that no person other than a firm or individual, hindu undivided family or company can be assessed under the wealth-tax act is obvious and stands concluded by the decision of the supreme court, no question of law which is required to be referred to the high court for its opinion .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]65STC215(Raj); 1985(1)WLN100
..... result of perforation of iron sheets a different commercial commodity comes into existence and since perforated iron sheet is not covered by the categories mentioned in section 14(iv) of the central sales tax act, 1956, as amended by the central sales tax (amendment) act, 1972, it could not be treated as iron and steel but had to be treated as an unclassified item for the purposes of assessment under ..... .held, that the onus of proving that the assessee was carrying on business and was, therefore, a 'dealer' within the meaning of section 2(b) of the central sales tax act, 1956, was on the department and that the department had not discharged that onus.15. ..... rods, squares, flats, octagons and hexagons, plain and ribbed or twisted, in coil form as well as straight lengths);(v) steel structural (angles, joists, channels, tees, sheet piling sections, z sections or any other rolled sections);(vi) sheets, hoops, strips and skelp, both black and galvanised, hot and cold rolled, plain and corrugated, in all qualities, in straight lengths and in coil form, as rolled ..... sheets fall within the ambit of 'iron and steel' in entry 2 of the third schedule to the andhra pradesh general sales tax act, 1957.the words 'that is to say' occurring immediately after 'iron and steel' in entry 2 show that the legislature intended to adopt the most ..... counsel that the departmental circulars could not change the legal position which is governed by law and rules on ..... not be to the person who initially paid the tax. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)52CTR(Raj)68
..... these wealth-tax reference petitions filed under section 27(3) of the wealth-tax act, 1957, raise common questions and, therefore, they are being disposed of by ..... is an industrial undertaking and as such the assessee is entitled to exemption under section 5(1)(xxxii) of the wealth-tax act; 1957? ' 4. ..... by the aforesaid order of the tribunal, the revenue moved the petitions under section 27 of the wealth-tax act, whereby it was prayed that the following four questions may be referred to ..... moved a petition under section 27(1) of the wealth-tax act for reference of the four questions, referred to above, and the income-tax appellate tribunal referred only ..... under section 7 of the wealth-tax act, it is provided that the value of the asset shall be estimated to be the price which in the opinion of the wealth-tax officer it would fetch if sold in the open ..... thereupon this petition has been filed by the revenue under section 27(3) of the wealth-tax act.6. ..... value is determined on that basis, then for the assessment years 1974-75 and 1975-76, the said fair market value was less than 20 per cent, as contemplated in rule 2b(2) of the wealth-tax rules, 1957, and no addition on account of enhanced market value of the closing stock could be made under rule 2b(2). ..... invoice value (eiv) and as a result of the aforesaid revision in the market value of the stock, the value increased by more than 20 per cent, and as per rule 2b(2) of the wealth-tax rules, 1957, the net wealth was computed on that basis. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)57CTR(Raj)185; [1987]168ITR364(Raj)
..... whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal erred in law in holding that section 4(1)(a)(i) of the wealth-tax act, 1957, applied to the case of the assessee to warrant the inclusion of the value of gold ornaments in the net wealth of the assessee ? 2. ..... question which arises for determination in this reference relates to the interpretation and application of section 5(l)(viii) of the wealth-tax act, 1957.2. ..... claim of the assessee that the jewellery in question was intended for the personal use of the assessee was not rejected by the wealth-tax officer but he disallowed the claim of the assessee in this respect on the ground that items of jewellery were covered by clause (xv) of section 5(1) of the wealth-tax act and not by clause (viii) of that section. ..... that jewellery and ornaments though they can be collectively described as jewellery, if they fall within the four corners of section 5(1)(viii) can be excluded from the net wealth of the assessee and need not necessarily be governed by section 5(l)(xv), but the exemption under section 5(l)(viii) would be available only when the article was intended for the personal use of the assessee concerned and, in that event, the exemption would apply to all articles of jewellery and ornaments ..... 0065/1978 : [1980]122itr151(mp) , the assessees who were minors, claimed exemption under section 5(l)(viii) of the act in respect of their share of gold ornaments and jewellery of their deceased mother. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1988]173ITR388(Raj)
..... wealth of the assessee rejecting the assessee's contention that the income-tax payable thereon had to be deducted according to section 2(m) of the wealth-tax act, 1957 ..... that the tax liability incurred by the assessee on this amount had crystallised on the valuation date and, therefore, it was a ' debt owed' within the meaning of section 2(m) of the wealth-tax act, 1957, on account of which the amount of tax due on ..... held that even where the tax liability had been incurred on the date of valuation but the same had been assessed or quantified subsequently, the same was deductible as a ' debt owed ' within the meaning of section 2(m) of the wealth-tax act, 1957, while computing the net wealth of the assessee under that act. ..... revenue under section 27(1) of the wealth-tax act, 1957, to decide a common question of law in respect of the same assess'ee pertaining to the assessment ..... net wealth of the assessee under the wealth-tax act, 1957.6. ..... that the wealth-tax officer was not justified in refusing to deduct the amount of tax liability on ..... the reference relating to the assessment year 1966-67 is as under :' whether, on the facts and in the circumstances of the case, the tribunal was justified in law in allowing deduction of income-tax liability pertaining to earlier years and quantified on settlement reached some time in 1975 out of the gross amount of the assessee's share amounting to rs. ..... tax liability thereon represented the net value of that asset for inclusion in the assessee's wealth .....
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