Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)40ITD89(Hyd.)
..... here again, the supreme court pointed out that section 171 of the income-tax act does not recognise the partition of a hindu undivided family even if it is effected by a decree of the court unless there is a physical division of the property of the family and if the property is not capable of being physically divided then unless there is a division of the property to the ..... murthy [1983] 143 itr 441, has pointed out that there is no difference between these two acts in principle, scope and object except that the words "hitherto assessed" occurring in section 171 of the income-tax act do not appear in the wealth-tax act and that omission had a different connotation and consequence but not the consequence to hold that a partition held to have taken place under the income-tax act has not taken place under the ..... a partition had taken place under certain circumstances and put up a claim for its acceptance under section 171 of the income-tax act, 1961, and also under section 20 of the wealth-tax act, 1957. ..... , the matter came up for consideration before the appellate assistant commissioner, anantapur, on appeals filed by the official receiver appointed by the sub-court, madanapalli, in the matter of settling disputes of partition and, in those appeals, the appellate assistant commissioner set aside the income-tax assessments directing the income-tax officer to redo the same after accepting the assessee's claim that a partition had taken place in the family with effect from april 14, 1975. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)87ITD359(Hyd.)
..... . 65.25 crores, of 173 items of jewellery as the fair and just price as on the 16th april, 1991 and that the valuation made by the valuation officer appointed under section 16a of the wealth-tax act, 1957 was final and binding on the assessing officer for the purpose of making assessments under the provisions of the wealth-tax act, 1957 ..... . 41,72,02,575 and that the matter of valuation of the items of the jewellery of the trust for the subsequent assessment years was not referred till recently under section 16a of the wealth-tax act, 1957 ..... under- if the legislative intent had been to accord total discretion to the wealth-tax officer to make a reference to the valuation officer or not in cases which were covered by clauses (a) and (b) of sub-section (1) of section 16a of the wealth-tax act, 1957, that is, where the difference between the value of assets returned and the fair market value of assets as estimated by the wealth-tax officer is more than the limit prescribed under rule 3b of the wealth-tax rules, 1957, then where was no necessity of providing the guidelines in ..... . the hon'ble high court observed, as per the relevant portion of the head-note, as under : a reading of section 16a of the wealth-tax act, 1957, shows that the entire procedure of valuation after enquiry, which was earlier done by the wealth-tax officer was transferred to the exclusive jurisdiction of the valuation officer ..... securities specified in 2nd schedule thereof for the benefit of his family members. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)49ITD275(Hyd.)
..... so the argument that even after the appellate order is merged with the original assessment order, it is the original assessment order which is amenable to revisional jurisdiction, but not the assessment order in which the appellate order partially merged (31-3-1989) is in utter disregard of the clear and unambiguous provisions of explanation (c) to section 25(2) of the wealth-tax act and hence such an argument cannot be countenanced or upheld. ..... by the appellate order are left untouched and to that extent, the income-tax officer's assessment order survives permitting exercise of revisional jurisdiction by the commissioner under section 263 of the act.the opposite view was that the entire order passed by the assessing officer merged in the first appellate order and no part of it can be subjected to revision under section 263(1) of the income-tax act and 25(2) of the wealth-tax act irrespective of the points urged by the party or decided by the appellate authority ..... as per explanation (c) to section 25(2) of the wealth-tax act, where the assessing officer's order had been the subject-matter of any appeal filed on or before or after the first day of june, 1988, the revisionary order of the commissioner of wealth-tax shall extend and shall be deemed always to have extended to such matters as had not been considered and decided in such appeal. ..... similar amendments have been carried out to section 25 of the wealth-tax act, 1957 and section 24 of the gift-tax act, 1958. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)94ITD21(Hyd.)
..... however, the fact remains that a reference under wealth-tax act is permissible under section 27 of wealth-tax act and similar provisions are contained for filing reference applications under other direct taxes, but still if we have to give a meaning to para-5 of the instruction, it has to be understood that ..... ) 57), under its powers under section 119, to set things on course by eliminating avoidable wastage of time, talent and energy of the assessing officers discharging the onerous public duty of collection of revenue".it is no doubt true that a contrary view was taken by the hon'ble punjab & haryana high court in the case ..... that the suppression 'each case taken singly' would not mean each assessment year but two appeals of the same assessee if they were filed ..... case taken 'singly' clearly mean each assessment year of each case and two assessment years cannot be clubbed together for working out ..... and it is specifically clarified that the monetary limits in the context of "each case taken singly" would mean each assessment year for each assessee considered at one point of time. ..... in para-2 which reads as under: "2) even if the issues involved in appeal under consideration are already pending in appeal before the appellate authorities, all subsequent appeals will now be filed for particular assessment year only as indicated in (1) above, if the tax effect exceeds the prescribed monetary limits" thus the monetary limit has to be worked out with reference to each assessment year." 6. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD256(Hyd.)
..... examining the retrospective or otherwise nature of amendment of section 40 of finance act, 1983 by finance act, 1988, for purposes of wealth tax act, the hon'ble madras high court held- the test to be applied for deciding as to whether a later amendment should be given retrospective effect, despite a legislative declaration specifying a prospective date as the date from which ..... devshankar bhatt relied upon by the assessee hon'ble supreme court, examining the scope of section 297(2)(d)(ii) of the new act, i.e.income-tax act, 1961, held as follows- on a proper construction of section 297(2)(d)(ii) of the new act, the income tax officer cannot issue a notice under section 148 in order to reopen the assessment of an assessee in a case where the right to reopen the assessment was barred under the old act at the date when the new act came into force. ..... vested with it by the statute as held supra and on the next count the cit's order impugned itself having not left any clue as to the assessing officer by marking copies of the same to him or to any other authorities.7.7 in view of the foregoing discussion and reasons, after duly and carefully considering the rival submissions of both the parties, and in the light of the ratio decidendi of the case-law relied upon and thrashed ..... , wherein interpreting retrospective amendment made to section 15 of the karnataka agricultural income-tax act, 1957, brought about subsequent to the decision of that court in ashok plantation ..... and their family members. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)53ITD109(Hyd.)
..... therefore, it is clear that the notice under section 17 of the wealth-tax act, 1957 was issued under an erroneous impression.on a reading of this letter, it is clear that the dispute was raised ..... leaving behind princess niloufer as his wife surviving him, for her residence until her death or re-marriage whichever is earlier.sub-clause (g) of clause 2 provides for the remainderman's interest and states that on and after the death of the prince, the corpus of the trust fund or the balance thereof remaining in the hands of the trustees shall be divided, transferred and handed over to all the issues of the prince ..... (d), (e) and (f) hereof, if the said prince shall have left issue him surviving either by the said princess niloufer or by any other widow satisfying the qualifications laid down in sub-clause (f) thereof, then on and after the death of the said prince, to divide, transfer and hand over the corpus of the trust fund or the balance thereof then remaining in the hands of the trustees amongst and to all the issues of the ..... nizam's family (remainder wealth) trust [1977] 108 itr 555, the trustees are to be assessed only with regard to the beneficial interest of the beneficiaries in the like manner and to the same extent as if the assessments were to be made in the hands of ..... order of the tribunal dated 30-4-1990 in those appeals is as under :- we have carefully gone through the order of the learned cwt (appeals) after taking note of the written submissions before him and before us. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)53ITD495(Hyd.)
..... in all these appeals, the dispute is against assessments made under section 21(1) of the wealth-tax act, 1957, bringing to tax the entire value of the assets held by the trust. ..... may be surviving at the date of the death of the said fatima fouzia in order to enable him to meet the essential expenditure for the management of the sarf-e-khas for which he will be responsible as the head of the family of the settlor but if the dynasty of the settlor shall come to an end for any reason whatsoever and there shall be no nizam of hyderabad existing at the date of the death of the said fatima fouzia then the ..... the same upon trust to allow the said fatima fouzia to wear and use the said articles of jewellery or such of them as may be required on and for the purpose of any special ceremonial or festive occasion and after any such ceremonial or festive occasion shall be over to take charge of such articles from the said fatima fouzia provided always that the trustees shall not be liable or held responsible in any manner whatsoever by any ..... specified in the first schedule hereunder written to the said fatima fouzia as wedding gift to her from the settlor along with other jewellery which may be given to her on the occasion, provided, however, that soon after the ceremonies and festivities in respect of the wedding of the said fatima fouzia shall be over, she shall return and hand over to the trustees all the said articles of jewellery specified in the first schedule .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)34ITD112(Hyd.)
..... was the following: "whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that since the settlement was not the result of the application of any provision of the income-tax act, 1961, and the wealth-tax act, 1957,itwas not income-tax and wealth-tax liability within the meaning of section 2(m)(iii) of the wealth-tax act, 1957,andthattheliabilitypertainingto the assessment years 1967-68 to 1969-70 determined at rs. ..... in that case the income-tax liability for the assessment years 1958-59 and 1960-61 and the wealth-tax liability for the assessment year 1961-62 created as a result of rectification orders passed after the valuation date was claimed as deduction while completing the assessment under the wealth-tax act for the assessment year 1964-65. ..... now, the quantification of the income-tax, wealth-tax or gift-tax liability is determined by a corresponding assessment order, and even if the assessment order is made after the valuation date relevant to the wealth-tax assessment in which the claim to deduction is made, there is a debt owed by the assessee on the valuation date.the quantification effected by an assessment order may be varied as the income-tax, wealth-tax and gift-tax case is carried in appeal to the aac, or thereafter to the appellate tribunal, and indeed even in reference later to the high court or subsequent .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48ITD87(Hyd.)
..... section 35 of the wealth-tax act to the wealth-tax officer on the ground that it was an error apparent on the face of the records.applications were rejected and they were confirmed by the commissioner.the petitioner filed writ petition in the high court to quash the orders refusing to rectify the assessment orders and for a direction to rectify the assessment ..... and the commissioner (appeals) having allowed appropriate investment allowance in favour of the assessee, the assessing officer was wrong in allowing depreciation on live stock since it was not granted by the commissioner (appeals) and, therefore, ..... assessment years 1957-58, 1958-59 and 1959-60, the petitioner-company claimed certain amount in each year as deduction in respect of provision for taxation but the claim was disallowed on the ground that the amount provided towards tax liability did not constitute debt owed from the petitioner on the relevant valuation date within the meaning of section ..... after an appeal from an order of assessment is decided by the appellate assistant commissioner, a mistake in that part of the order of assessment which was not the subject-matter of the appeal and was thereafter left untouched by the appellate assistant commissioner can be rectified by the income-tax officer.here in this case, the disallowance of depreciation and depletion allowance on the parent stock in the original assessment order were not subjected to in appeal before the commissioner of income-tax ..... act, 1957 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)52ITD316(Hyd.)
..... wealth-tax authorities started assessing the value of the jewellery in question to wealth-tax and started making huge demands right from the assessment year 1957-58 ..... the question whether the interest held by fatima fouzia in the jewellery can be treated as property/asset for the purposes of assessing the value of the said jewellery for wealth-tax on the representative-assessee as representing fatima fouzia came up for consideration before the tribunal in the case of trustees of wedding gifts trust of heh the nizam's ..... at the date of the death of the said fatima fouzia in order to enable him to meet the essential expenditure for the management of the sarf-e-khas for which he will be responsible as the head of the family of the settlor but if the dynasty of the settlor shall come to an end for any reason whatsoever and there shall be no nizam of hyderabad existing at the date of the death of the said fatima fouzia ..... 's jewellery fund to the eldest male descendant in the direct male line of succession of the settlor according to the law of primogeniture then living in order to enable him as the head of the family of the settlor to maintain the dignity of the house of asaf jah to which the settlor belongs and the status and position of the various members of his ..... ultimately, the high court after considering the terms of the trust deed held that the trustees are liable to be assessed under section 164 and not under section 161 of the it act in respect of the capital gain that arose on .....
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