Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 20 assessment after partition of a hindu undivided family Court: income tax appellate tribunal itat chandigarh Page 1 of about 2 results (0.159 seconds)

B.B. Singal (Huf) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1990)32ITD567(Chd.)

..... property producing the income shall not be deemed to be a partition; or (ii) where the property does not admit of a physical division, then such division as the property admits of, but a mere severance of status shall not be deemed to be a partition; (b) 'partial partition' means a partition which is partial as regards the persons constituting the hindu undivided family, or the properties belonging to the hindu undivided family, or both.the legislature in the same finance act also made a provision for assessment after partial partition of a hindu undivided family by inserting section 20a into the wealth-tax act, 1957 with effect from 1-4-1980. ..... 31st day of december, 1978, among the members of a hindu undivided family hitherto assessed as undivided,- (a) such family shall continue to be liable to be assessed under this act as if no such partial partition had taken place; (b) each member or group of members of such family immediately before such partial partition and the family shall be jointly and severally liable for any tax, penalty, interest, fine or other sum payable under this act by the family in respect of any period, whether before or after such partial partition; (c) the several liability of any member or group of members .....

Maya Lena Milap Kaur Toor Vs. Asstt. Cwt

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2002)74TTJ(Chd.)896

..... he, therefore, pleaded that consolidated order of the, commissioner of welath tax (appeals) be set aside and the matter be restored to the file of the first appellate authority for deciding the appeals on merits.learned departmental representative strongly supported the order of commissioner of welath tax (appeals) and contended that the same was in conformity with the provisions of section 23a(4) of wealth tax act.we have heard both the parties at some length and given our utmost consideration to the ..... however, a request was made in the returns of wealth filed requesting the income tax department to adjust the self assessment tax out of attached bank account; which were attached under the orders of the ..... any case, provisions of section 250 of the act cast an obligation on commissioner of income tax (appeals) to fix the date of hearing and place and give a notice to the appellant and the assessing officer. ..... we, therefore, considered it appropriate to set aside the order of commissioner (appeals) and restore the issue to the file of commissioner (appeals) to decide the issue de novo after verifying the fact whether the assessee had actually withdrawn any amount during the period when the account was not attached or the account was ever released during the relevant period and ..... therefore, set aside orders of commissioner (appeals) and restore the matter to file to decide the issue de novo, after allowing reasonable opportunity of being heard to the assessee and the assessing officer. .....

Subhash Kumar JaIn Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)88ITD272(Chd.)

..... "the commissioner of wealth tax has no power under section 25(2) of the wealth tax act, 1957 to revise the, order of assessment passed by the wealth tax officer on the ground that it is erroneous merely because the wealth tax officer failed to initiate penalty proceedings under section 18(1)(a) read with section 18(2) of the wealth tax act. ..... accordingly, the order of the commissioner (appeals) passed under section 263(1) of the income tax act after setting aside the assessment order of the assessing officer and directing the assessing officer to initiate penalty proceedings against the assessee, is set aside and the ground of appeal taken by the assessee is allowed. ..... filed this appeal against the order of cit(c), ludhiana, dated 11-1-1999 for the assessment year 1994-95, passed under section 263(1) of the income tax act on the ground involving the issue whether the commissioner was justified in setting aside the assessment order only for the limited issue of passing an order after taking into consideration the provisions of section 271(1)(c) of the income tax act.the relevant and material facts for the disposal of this ground of appeal are .....

J.C.i.T., Spl. Range Vs. Master Capital Services Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... where the tribunal has held that right of membership is merely a personal privilege granted to a member by stock exchange and, therefore, it does not amount to 'property' within the meaning of section 2(e) of the wealth-tax act. ..... where the tribunal has held that a share in the delhi stock exchange and the membership of delhi stock exchange are capital assets within the meaning of section 2(e) of the wealth-tax act. ..... of itat, delhi and bombay benches are with reference to the provisions of the wealth-tax act and not with reference to the fact whether the said expenditure is capital or revenue ..... capital or revenue in nature as section 37 of the income-tax act does not allow deduction in respect of ..... where the tribunal has held that right of membership of the stock exchange is a personal privilege granted to a member by a stock exchange and the same does not amount to 'property' within the meaning of section 2(e) of the income-tax act. ..... itr 395, has contended that the assessee was already in the business from the assessment year 95-96 and, therefore, the expenditure incurred in respect of existing business was allowable ..... on rent for a limited period of one year, it could be held that the said expenditure was incurred for erection of temporary wooden structures/partitions/work-stations and the assessee was not to derive any benefit of reasonably a longer period. ..... a person to transact business after entering the trading circle in the exchange building at new delhi constitutes a wealth. .....

Joint Commissioner of Income-tax Vs. Master Capital Services Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)88ITD496(Chd.)

..... shah (supra), where the tribunal has held that right of membership is merely a personal privilege granted to a member by stock exchange and, therefore, it does not amount to 'property' within the meaning of section 2(e) of the wealth-tax act. ..... bench) in the case of jagan nath syal(supra), where the tribunal has held that a share in the delhi stock exchange and the membership of delhi stock exchange are capital assets within the meaning of section 2(e) of the wealth-tax act. ..... both the decisions of itat, delhi and bombay benches are with reference to the provisions of the wealth-tax act and not with reference to the fact whether the said expenditure is capital or revenue in nature. ..... 37.11 lakhs is capital or revenue in nature as section 37 of the income-tax act does not allow deduction in respect of capital expenditure. ..... [2002] 82 itd 573, where the tribunal has held that right of membership of the stock exchange is a personal privilege granted to a member by a stock exchange and the same does not amount to 'property' within the meaning of section 2(e) of the income-tax act. ..... the next effective issue raised in revenue's appeal relates to the fact that the cit(a) was not justified in allowing depreciation @ 100% on wooden structures/partitions as against depreciation @ 10% allowed by the assessing officer. ..... submitted that membership card entitling a person to transact business after entering the trading circle in the exchange building at new delhi constitutes a wealth. .....

income-tax Officer Vs. Naresh Batra, Huf

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1996)58ITD23(Chd.)

..... it was further observed by the assessing officer that in a hindu undivided family, no female member is entitled to the share in a partition, not even the wife of the karta and thus mrs. ..... state of orissa [1972] 84 itr 88 has held that a document acknowledging a previous partition in a hindu undivided family does not require registration and such a document is admissible in evidence as proof of partition. ..... therefore, it was held that a karta who is the sole surviving coparcener of a hindu undivided family cannot effect partition of the family property between himself and his wife. ..... the full bench of the high court held that no partition, partial or otherwise, would be possible in the case of a hindu undivided family consisting of only one male member or the sole coparcener. ..... submitted that omission to take an action against the huf in subsequent years or acceptance of the returns of the members of the assessee huf under section 143(1)/16(1) of the income-tax act/wealth-tax act would not mean that the departmental appeal had lost its relevance or sting and that the doctrine of res judicata was not applicable in tax proceedings. ..... the learned counsel for the assessee has demonstrated before us as to how the rent received after 31-3-1984 has gone to the individual bank accounts of the members and that this was the only method by which the property was capable of division. .....

Deputy Commissioner of Vs. D.P. Dhawan

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1996)59ITD596(Chd.)

..... in relation to, any property in respect of which wealth-tax is not chargeable under this act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953 (34 of 1953); the expenditure-tax act, 1957 (29 of 1957), or the gift tax act, 1958 (18 of 1958), - (remaining portion of sub-section (m) being not relevant has not been reproduced) in the present case, the assessing officer tried to bring in the case ..... the value of the asset was clearly chargeable under the wealth-tax act but the learned assessing officer made it "not chargeable under this act" by changing option of the assessee and by treating this house as exempt. ..... shri gupta further argued that only debts which fall under the exclusionary clauses of section 2(m) of wealth-tax act could be disallowed. ..... after allowing bank liability, value of residential accommodation will be nil and same will be adopted for wealth-tax purposes. ..... (supra), their lordships of supreme court after considering the scheme of the wealth-tax act in particular scheme and purpose of sale under section 2(m) made the following pertinent observations : "on a careful analysis of the aforesaid provisions it seems to us clear that the key provisions are the charging section and the definition of the net wealth given in section 2(m). ..... 24,65,300 after claiming deduction of rs. .....

Rattan Chand Oswal Vs. Wealth Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1999)63TTJ(Chd.)96

..... he referred to the provisions of explanation 1 to section 32 of wealth tax act, whereby the provisions of sections 221 to 227 and the relevant schedules under the income tax act have been applied for the purpose of recovery of wealth-tax and, in that context, it has been provided in the explanation that any reference to sub-section (2) or (6) or (7) of section 220 of income tax act or the rules made thereunder shall be construed as reference to sub-section (7) of section 22 and sub-section (2) or sub-section (6) or sub-section (7) of section 31 of wealth tax act respectively. ..... before substitution of the said words, the interest was chargeable at "fifteen per cent per annum from the day commencing after the end of the period mentioned in sub-section (1)".the provisions of section 31(2) of wealth tax act as also section 220(2) of income tax act were thus in pari materia before amendment by direct tax laws (amendment) act, 1987. ..... learned counsel next referred to page 1 of the paper book, where a request was made to the wealth tax officer on 5-7-1982 for adjustment of income-tax refund against wealth-tax demand for assessment year 1982-83. ..... rule 1d of the wealth tax rules, 1957, prescribes a well-known method of ascertaining the value which a property would fetch, if sold in the open market in respect of shares. .....

Rattan Chand Oswal Vs. Gift-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1993)45ITD370(Chd.)

..... in the case of neelam kumar oswal (supra), the tribunal was considering the question of gift under section 6(1) of the gift-tax act and the tribunal has observed that in the absence of rule in the gift-tax act, fair market value of the shares for the purpose of gift tax has to be determined according to the rules under the wealth-tax act, and, therefore, the break up value method under rule 1d of the wealth-tax rules was upheld. ..... ito [1981] 131 itr 597, the hon'ble supreme court, while considering the scope of provisions of sub-section (2) of section 52 of the income-tax act, 1961, has observed that the burden of proving that there was understatement of value is always upon the revenue. ..... ) of 1984 dated 27-10-1986] for assessment year 1976-77 held that rule 1d was mandatory and in the absence of any such rule in the gift-tax act, the same rule should be followed.3. ..... in the present case, the assessing officer invoked the provisions of section 4(1)(a) of the gift-tax act where the opening words are "where property is transferred otherwise than for adequate consideration" which are not present in section 6(1).therefore, the support taken by the learned cgt (appeals) from the decision of neelam kumar oswal's case (supra) is not well founded.13. ..... 12 per share is bona fide otherwise the edo would not have returned those shares to the assessee after long correspondence.18. ..... after the department has crossed this hurdle, the computation part comes thereafter. .....

Dr. (Mrs.) Kamlesh Datta Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1999)69ITD218(Chd.)

..... it is noted that although these returns were filed under the amnesty scheme, they were not accepted as such by the wto who proceeded to frame an assessment under section 16(3) of the wealth-tax act. ..... had been accepted in the case of the assessee, had become final as till date no action had been taken by the department either to reopen these assessments or to revise them under the relevant provisions of the wealth-tax act. ..... counsel stated that the two orders of assessment under the wealth-tax act, i.e. ..... it was submitted before the assessing officer that the wealth declared in the wealth-tax return had been accepted by the assessing officer and orders passed under section 16(3) on 30-3-88. ..... first appellate authority on the issue, as reproduced below, the impugned addition deserves to be confirmed :- "5.2 before me, the main argument advanced for the appellant was that the wealth-tax returns from assessment year 1981-82 onwards filed by the appellant on 30-9-1986 under the amnesty scheme, having been accepted by the ld. ..... it was the further submission that the assessee was married in 1968 and both she and her husband were enjoying good practice after having served in government institutions for a number of years and inasmuch as the family was one of status, the possession of jewellery weighing 582 gms. ..... . every hindu male whatever his status in society does put on a wedding ring at the time of his marriage and insofar as the balance of 72 gms .....