Court : Chennai
Reported in : [2000]243ITR509(Mad)
..... 89 of 1994 is set out as under :'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in valuing the entire property by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to hindu undivided family ..... the appellate authority and the tribunal have held that section 7(4) of the wealth-tax act is the appropriate provision to be applied for valuing the land ..... 6,53,054 by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to the hindu undivided family ..... the income-tax officer had sought to value the land and building separately by applying rule 1bb while the assessee invoked section 7(4) of the wealth-tax act, as it then stood, as the building was used by him as a residential house and had been so used by him in the 12 months immediately preceding the ..... the superstructure of which is owned by the assessee in his individual capacity and the land on which the building stands is owned by the assessee as karta of the hindu undivided family could be valued by applying the provisions of section 7(4) of the wealth-tax act ?'5. ..... up a residential building thereon, and that building has been assessed as an asset belonging to him as an individual, while the land on which it is constructed has been assessed as an asset of the hindu undivided family for the purpose of wealth-tax. ..... not find any infirmity in the order of the tribunal.10. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... (3) whether, on the facts and in the circumstances of the case, instalments of advance tax under section 18a which fell due for payment after the valuation date constitute a debt owed by the assessee on the valuation date within the meaning of section 2(m) of the wealth-tax act, 1957? ..... justice, in dealing with the matter observed that the effect of the legal aid and advice act, 1949, and the legal aid (general) regulations, 1950, was that a charge was imposed on that money in the law society's heads in their favour in order that they might reimburse from the legal aid fund any additional sums of costs to which they had been put, other than the costs which they recovered from ..... lord thankerton in delivering the judgment of the board made these observations at page 22 : 'it should be remembered that the indian income-tax act of 1922, as amended from time to time, forms a code which has no operative effect except so far as it is rendered applicable for the recovery of tax imposed for a particular fiscal year by a finance act. ..... in the course of the proceedings the respondent without prejudice to its contention that it was under no liability whatsoever made an offer of settlement through its counsel offering a sum of pounds 10,000 in full and final settlement of any claim against the respondent or its directors. ..... a legally aided plaintiff received pounds 350 as damages in consequence of the settlement of his action. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626
..... section 8 of the wealth tax act provides that the income tax authorities specified under section 116 of the income tax act shall be the wealth tax authorities for the purposes of the wealth tax act and every such authority shall exercise the powers and perform the functions of the wealth tax authority in respect of any individual, hindu undivided family or a company, and for this purpose his jurisdiction shall be the same as he had under the income tax act by virtue of orders or directions issued under section 120 of that act or under any other provisions of that act. ..... this is an appeal from an order passed by the high court of gujarat in which the following question of law was answered in the affirmative and in favour of the assessee:'whether on the facts and in the circumstances of the case, the appellate tribunal has been right in law in holding that the assessee is not liable to wealth tax under the wealth tax act, 1957 for the assessment year in question?'2. ..... explanation to section 14 clarifies that 'due date' in relation to assessee under this act shall be the same date as that applicable to an assessee under the income tax act under the explanation to sub-section (1) of section 139 of the income tax act.14. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... other than,-- (i) debts, which under section 6 are not to be taken into account, (ii) debts which are secured on, or which have been incurred in relation to any asset in respect of which wealth-tax is not payable under this act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passedunder or in pursuance of this act or any law relating to taxation of income or profits, or theestate duty act, 1953 (34 of 1953), the expenditure tax act, 1957 (29 of 1957), or the gift-tax act, 1958 (18 of 1958)-- (a) ..... respondents without prejudice to its contention that it was under no liability whatsoever made an offer of settlement through its counsel offering a sum of .10,000 in full and final settlement of any claim against the respondent or its directors. ..... has been placed upon sub-section (2) of section 18-a which, provides as under: '(2) if any assessee who is required to pay tax by an order under sub-section (1) estimates at any time before the last instalment is due that the part of his income to which that sub-section applies for the period which would be the previous year for an assessment for the year next following is less than the income on which he is required to pay tax and accordingly wishes to ..... remembered that the indian income-tax act of 1922, as amended from time to time, forms a code which has no operative effect except so far as it is rendered applicable for the recovery of tax imposed for a particular fiscal year by a finance act. .....
Tag this Judgment!Court : Delhi
Reported in : AIR1991Delhi325
..... it is true that the income-tax and wealth-tax assessment orders are not admissible in evidence under ss. ..... he has contended that the income-tax assessment orders and wealth- tax assessment orders which are based on the income-tax and wealth-tax returns filed by the parties are not admissible in evidence. ..... he has also contended that that copies of the income-tax assessment orders are not admissible in evidence: (11) section 45 of the transfer of property act lays down that where immovable property is transferred for consideration to two or more persons and such consideration is paid out of a fund belonging to them in common, they are, in the absence of a contract to the contrary, respectively entitled to ..... i was having any joint business with his father when the business was being sum in the shop in khanna market, may be as a son he could be helping his father in the business. ..... he has stater that be bad kept certain accounts showing the amounts spent on the construction of the house but the same got damaged due to some rains and the trunk which contained the account books aod the income-tax records had got wet due to rains which resulted in damage to the account books but the income-tax record was not damaged. ..... it is pleaded that the entire earnings from the kiryana shop were due to the result of joint efforts and plaintiff no. ..... i and to have a decree for the money which may be found due, on the plaintiff no. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]170ITR181(AP)
..... learned counsel for the assessee, is that the tribunal was in error in holding that the assessment orders under the wealth-tax act for the assessment years 1966-67 to 1973-74 were made 'on a protective basis'; on the other hand, the said assessments were made on a regular basis, accepting the wealth returned by the assessee, and that the said assessment orders under the wealth-tax act completely and fully explain the investments during the accounting year relevant to the assessment year ..... net effect is that the said assessment orders under the wealth-tax act do not, in any manner, invalidate the assessment orders made under the income-tax act for the assessment year 1974-75. 16. ..... this petition, the assessee objected to the use of the expression 'protective assessment' by the tribunal in its order and submitted that the assessments made under the wealth-tax act for the said earlier years were not made on protective basis. ..... submitted that the revenue cannot be permitted to collect tax on the basis of the assessment orders under the wealth-tax act relating to the earlier years and, at the same time, take a contrary stand in the present proceedings under the income-tax act. ..... filing of the returns suddenly on october 9 and 10, 1974, was the result of a notice issued under section 139(2) by the income-tax officer on september 25, 1974, for the assessment year 1974-75. ..... questions are stated for our opinion by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961. .....
Tag this Judgment!Court : Kerala
Reported in : [1988]169ITR84(Ker)
..... the power of the appellate assistant commissioner under the wealth-tax act is as wide as it is in the case of his counterpart under the income-tax act, 1961 : (see section 23 of the wealth-tax act, 1957, and sections 250 and 251 of the income-tax act, 1961). ..... it is claimed that a portion of this wealth is held under trust for charitable or religious purposes and is, therefore, exempt from the levy of wealth-tax under section 5(1)(i) of the wealth-tax act, 1957 (the 'act'). ..... however, there can be only one assessment order specifying the tax due in respect of the net wealth of each beneficiary. ..... the explanation added to section 7(1) plugged the loophole for avoidance of tax by providing restrictive clauses in the trust deeds like, say for instance, 'in case any of the beneficiaries exercises his option to buy any assets held by the trustees after the death of the last surviving beneficiary or otherwise, the property shall be sold to him for the sum specified in the document ignoring the market value'. ..... to sum up : the dominant purpose of the trust in question, as evidenced by the instrument creating it, has been finally and conclusively determined to be not charitable or religious. .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)
..... the definition of 'capital assets' under section 2(14) of the income-tax act, 1961, and 'assets under section 2(e) of the wealth-tax act, 1957. ..... income-tax tribunal at the instance of assessee has referred following question of law for opinion under section 27 of the wealth tax act, 1957 (hereinafter referred to as `the act'). ..... , it is clear that whatever comes within the definition of assets under the wealth-tax act in its section 2(e) should likewise come under the definition of capital assets unless specifically excluded. ..... -82 was completed on 19.3.83 accepting net wealth at rs.2,96,604/- under sub-section (1) of section 16 of the wealth tax act.4.1 subsequently a notice under sec. ..... mr.j.p.shah, learned counsel for the assessee has invited my attention to the provisions of the scheme by which the gold bonds issued in 1980, the notification of 19th october, 1965, provisions of wealth tax act and income tax act in this behalf.5.1 for assailing the order of the tribunal, the learned counsel for the assessee has made following submissions:5.2 the learned counsel has invited my attention to the definition of bond in the dictionary which defines 'bond' means an obligation; a promise ..... this amount falls due on the 27th october every year.3.8 it was stated that the earnings from the gold bond will be exempt from income tax. ..... after 27.10.1980, the bond did not remain assignable and the government was not liable to pay a sum of rs. ..... to him, a sum of rs. ..... it was also decided that a sum of rs. .....
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. ..... (j) 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. ..... the 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. ..... whether, on the facts and in the circumstances of the case and also on a correct interpretation of the provision of section 22 of the income-tax act, 1961, the tribunal was correct in law in upholding the order of the commissioner of income-tax (appeals) that the income-tax officer erred in concluding that the annual letting value of the flats at 10, gurusaday road, calcutta, was assessable in the hands of the assessee and thereby deleting the addition made on the point ?'2. ..... , 1972-73, 1973-74 and 1974-75, corresponding to the assessment years 1973-74, 1974-75 and 1975-76, the income-tax officer proposed to treat one-third of the sum of rs. ..... with the result, he proposed to assess a sum of rs. .....
Tag this Judgment!Court : Karnataka
Reported in : (2009)227CTR(Kar)480; [2009]184TAXMAN88(Kar)
..... whether the appellate authorities were correct in reopening assessment under section 17 of the wealth-tax act and bringing to tax the respective share held by the assessee in each of the 'body of individuals' based on the share each individual received at the time of its disruption as on 12-9-1993?2. ..... whether the interest held by the assessee in a body of individuals can be brought to wealth tax in accordance with rules 15 and 16 to 20 of iii schedule to the wealth-tax act read with section 4(1)(a) of the wealth-tax act especially when the hon'ble supreme court in meera and company v. ..... the same was processed under section 16(3) of the wealth-tax act. ..... aggrieved by the order passed by the commissioner of wealth-tax appeals, revenue filed an appeal before the income-tax appellate tribunal. ..... this order was questioned by the assessee by filing an appeal before the commissioner of wealth tax on the ground that the assessee did not had any definite share in the body of individuals and that the order of assessment was bad in law. ..... therefore, order of the tribunal and the commissioner of wealth tax are to be set aside. ..... the respective shares of the assessee on dissolution of these body of individuals was considered for computation of share and therefore the assessing officer passed an order computing wealth tax including the share of the assessee under the body of individuals. ..... accordingly, the order of the assessing officer was set aside and the appeal was allowed. .....
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