Court : Rajasthan
Reported in : [2009]184TAXMAN448(Raj)
..... bhatt : (1984) 145 itr 1 (sc), it was 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. ..... the wealth tax officer allowed (sic-disallowed) assessees claim on the ground that liabilities were pertaining to the earlier assessment years and thereby those liabilities were outstanding for a period of more than 12 months on deepawali of 1975 and as such were not liable to be deducted under section 2(m)(iii) of the wealth tax act, 1957.3. ..... 10,76,380 resulting on account of settlement pertaining to the assessment years 1958-59 to 1971-72 arrived at with the commissioner on 24-3-1975 was allowable as a deduction under section 2(m)(iii) of wealth tax act, 1957 ?2. ..... it has been held that the tax liability incurred by the assessee on this amount had crystallized 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 this amount of rs. ..... in our view, the expression outstanding in section 2(m)(iii)(a) and (b) will have to be construed in the background of the phrase amount of tax payable in consequence of an order and in that context it must mean remaining unpaid after the obligation to pay is incurred. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1995)127CTR(Raj)13; [1995]214ITR130(Raj)
..... following question of law arising out of its order dated may 23, 1988, in respect of the assessment years 1978-79 to 1984-85 under section 27(1) of the wealth-tax act, 1957 :'whether, on the facts and in the circumstances of the case, the order-sheet entry made by the wealth-tax officer dropping the proceedings commenced under section 14 or initiated under section 17 of the wealth-tax act, 1957, for the assessment years in question, without communicating it to the assessee, amounted to an order, which could be revised by the commissioner of wealth-tax in exercise of his powers under section 25(2) of the wealth-tax act, 1957 ? ..... we may also observe that the communication could be actual or constructive and in the present case the finding of the commissioner of wealth-tax that there was constructive communication has not been denied and it is a finding of fact and the order dropping the proceedings must have been written by the wealth-tax officer after issuing the notice which has resulted in finally culminating the proceedings. ..... sub-section (3) of section 25 puts a bar only on exercise of the power by the commissioner that no order shall be made under sub-section (2) after the expiry of two years from the end of the financial year in which the order sought to be revised was passed. .....
Tag this Judgment!Court : Rajasthan
Reported in : [2003]130TAXMAN781(Raj)
..... the argument that the provisions of section 64(1)(v) being in pari materia with the provisions of section 4(1)(vi) of wealth tax act, 1957 read with the proviso thereunder, no income from the gifted property should be considered as chargeable to tax in the hands of the assessee as these were not found by the tribunal as chargeable to gift-tax on the ground of the purpose of the gift being ensuring education to the minors and as such not includible in the computation of the net wealth of the assessee, is not convincing.12. ..... the assessing officer has charged that income and assessed that income in the hands of assessee, invoking the provision of section 64(1)(v) of the income tax act, 1961.3. ..... , directly or indirectly, on or after the 1-6-1973, otherwise then for adequate consideration for the immediate or deferred benefit of the son's wife, or the son's minor child, of such individual or both)whether the assets referred to in any of the sub-clauses aforesaid are held in the form in which they were transferred or otherwise :provided that where the transfer of such assets or any part thereof' is either chargeable to gift-tax under the gift tax act, 1958 (18 of 1958 ..... chargeable under section 5 of that act, for any assessment year commencing after the 31-3-1964, (but before the 1-4-1972) the value of such assets or part thereof, as the case may be, shall not be included in computing the net wealth of the individual.13. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1972]84ITR705(Raj); 1971(4)WLN434
..... section 3 of the act provides that, 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, wealth 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. ..... in such a case, the wealth-tax officer, after taking into account all relevant material which he has gathered, shall estimate the net wealth to the best of his judgment and determine the amount of wealth-tax payable by the person. ..... in the assessment year 1940-41 the assessee put forward a claim under section 25a of the income-tax act that on 21st january, 1940, a partition had taken place among the members of the family. ..... under section 16(3) the wealth-tax officer will hear such evidence as the person may produce and such other evidence as he may require on any specified points, and after taking into account all relevant material which he has gathered, and shall thereafter by order in writing assess the net wealth of the assessee and determine the amount of wealth-tax payable by him or the amount refundable to him on the basis of such assessment. ..... after having heard learned counsel for the parties, we are of the opinion that the question must be answered in the negative. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1985)48CTR(Raj)331; [1985]155ITR438(Raj)
..... whether the tribunal is right in interpreting section 19 of the wealth-tax act, 1957, to the effect that no penalty under section 18 could be imposed on a legal representative on whom assessment is made under section 19 ?. ..... 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. ..... a perusal of section 14 of the act shows that return of wealth is required to be filed by every person, if his net wealth or the net wealth of any other person in respect of which he is assessable under this act on the valuation date was of such an amount as to render him liable to wealth-tax under the act. ..... (2) 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 of the appropriate notice which would have had to be served upon the deceased person if he had survived, require from ..... in the present case, it is an admitted fact that thakur bhanu pratap singh died on may 21, 1966, after the valuation date, i.e. .....
Tag this Judgment!Court : Rajasthan
Reported in : 2002(1)WLN507
..... the objection relating to the assessment of wealth of any individual or huf or a company, as the case may be, under the provision of wealth tax act as well as about the evidentiary value of report of the departmental valuation officer even in the case reference to such officer under section 16a is found to be outside its purview, for the purpose of valuating the correctness of the returned value of any asset does not loses its evidentiary value as ..... inclined to agree with the reasoning of the tribunal that unless returns are filed by the assessee under any of the provisions of the act, and notice is given by the assessing officer for filing returns, no proceedings can be said to be pending before the assessing officer which can give jurisdiction to invoke provisions of section 16a of the wealth tax act ..... considerations, the commissioner of wealth tax set aside the assessment under section 16(1) of the act and directed the assessing officer to proceed to make assessments afresh in accordance with and after taking into consideration that ..... emphasis that the firm as such is not an assessee subjected to levy of wealth tax under the act of 1957 ..... valuing interest of a partner in the assets of partnership or association of person has been, prescribed by rules, rule 2 of wealth tax rules, 1957 which prescribes that manner reads as under:'2. ..... each case, made by the income tax tribunal, relates to the assessment years 1980-81 to 1986-87 in connection with (he proceedings under the wealth tax act, 1957. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)53CTR(Raj)332; [1986]160ITR751(Raj); 1985(2)WLN797
..... the application under section 27(1) of the wealth-tax act, 1957 ('the act' hereinafter), was moved and the questions stated hereinabove have ..... cwt : [1964]51itr146(mad) , it was observed that under section 7(1) of the act, for the purpose of assessment of wealth-tax, the value of any asset other than cash was the price which, in the opinion of the wealth-tax officer, the asset would fetch in the open market and it was the duty of the wealth-tax officer to estimate the price which the asset would fetch if sold in the ..... it further observed :'the wealth-tax officer after considering the entire material on record valued the property by applying the multiple of ..... relied on was an agreement dated november 5, 1964, according to which nitin mohan and savita mohan nagpal were entitled to share the net profits half and half out of rents of the building after payment of taxes and defraying of expenses, on the basis that it was held that no attempt was made by smt. ..... virtue of the document dated november 5, 1964, an overriding charge was created in favour of her son, nitin mohan, on account of which he became entitled to 50% of the net profits or receipts from the immovable property on account of rent after payment of taxes and other expenses. ..... document dated november 5, 1964, it was submitted by the learned counsel for the assessee that nitin mohan nagpal became entitled to 50% of the net profits or receipts from the immovable property on account of rent after payment of tax and other expenses. .....
Tag this Judgment!Court : Rajasthan
Reported in : 1993WLN(UC)391
..... the status of individual and hindu undivided family were considered as separate units and, therefore, it was held that without issuing fresh notices under section 14(2) to file the returns, the wealth-tax officer exceeded his jurisdiction under section 16 of the act in framing the assessment in the status of individual on the returns which were filed in the status of hindu undivided family. 5. ..... it was observed that the position that emerges after a comparative study of the provisions of the income-tax act, 1961, and the indian income-tax act, 1922, and also of the wealth-tax act is that in the income-tax act, 1961, the income-tax officer can assess a person in a status other than the one in which the assessee had filed his or its returns and if the assessee is aggrieved by the assessment, in that status he can file an appeal against the order challenging his or its status. ..... prithviraj singh was minor and other members not being coparceners were not entitled to claim partition and as such there could be no hindu undivided family in existence in accordance with k.r. ..... , from the inception of income-tax law in rajasthan and 1957-58, i.e. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1984)40CTR(Raj)62; [1984]148ITR452(Raj)
..... jewellery at much higher figures in comparison to the valuations of the years 1969-70 and 1970-71, it appears that the wealth-tax authorities entertained a suspicion that the valuation disclosed by the assessees for the years 1969-70 and 1970-71 were much too low and it also appears that some audit objections were raised in respect of the assessments of those years and the higher authorities directed the wto to get the ornaments and jewellery revalued ..... this return was accepted by the wto but exemption was not granted to the petitioners although they claimed that jewellery was exempt from wealth-tax under section 5(1)(viii) of the act at the relevant time.3. ..... zala : [1982]135itr826(guj) a division bench of the gujarat high court, in similar circumstances, had observed as under (p, 829):' the assessee had in his returns for the assessment years under reference disclosed the palace as one of his assets and offered its estimated value for wealth-tax. ..... thereafter, the wto, issued a notice, under section 17 of the act, on the ground that there had been omission or failure on the part of the assessee to disclose all material facts necessary for the purpose of assessment of the wealth and there had been underassessment for the years 1972-73 to 1974-15. ..... in the assessment years in question, therefore, she declared the same value, after making deductions due to sales of parts of the land. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1987)52CTR(Raj)68; [1987]167ITR890(Raj)
..... 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 this common ..... corporation, jaipur, is an industrial undertaking and as such the assessee is entitled to exemption under section 5(1)(xxxii) of the wealth-tax act, 1957 ? ..... aggrieved by the aforesaid order of the tribunal, the revenue moved the petitions under section 27(1) of the wealth-tax act, whereby it was prayed that the following four questions may be referred to this court ..... revenue 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 question ..... 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 market on the ..... and 3, and thereupon this petition has been filed by the revenue under section 27(3) of the wealth-tax act.shri. ..... the appellate assistant commissioner held that the market value could not be assessed on the basis of the export invoice value and that rule 2b(2) of the wealth-tax rules could not be applied. ..... the assessees filed appeals against the assessment orders passed by the wealth-tax officer and the said appeals were allowed by the appellate ..... the export invoice value, and after applying the provisions of rule 2b, computed the net wealth of the assessees. .....
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