Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)19ITD377(Mum.)
..... , shri subramanian, the various benches of the tribunal were now not following the ruling of the hon'ble gujarat high court and instead following these three rulings, pointed out to us that for the assessment years 1973-74 to 1976-77 in the grounds of appeal before the aac the assessee had also challenged the reopening of the assessment under section 17 of the wealth-tax act, 1957 which had not been considered by the aac in his order. ..... the assessments for the assessment years 1973-74 to 1976-77 was not considered or adjudicated upon by the a ac, it could be either because the grounds of appeal in this connection were not pressed by the assessee at the time of hearing before the aac or the aac had forgotten to adjudicate on this issue through oversight and in either case there could be no presumption that there was a decision on this issue and the decision was against the ..... , direct the aac to verify whether these grounds of appeal raised in the memorandum of appeal for the assessment years 1973-74 to 1976-77 were not expressly withdrawn or not pressed or given up at the time of hearing and, if that is not so, to deal with these grounds of appeal on merits and in accordance with law after giving to the assessee a reasonable opportunity of being heard by a supplementary order.8. ..... 2 of the memorandum of appeal for the assessment years 1973-74 to 1976-77 were not pressed or withdrawn at the time of hearing and, if that is not so, to deal with these grounds of appeal now.6. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2005)1SOT177(Mum.)
..... has now been statutorily recognized in schedule iii of the wealth tax act, 1957, rule 5 of part b of schedule iii to the said act, lays down the procedure for determining the gross maintainable rent ..... the hon'ble high court also held as under: 'there is unity of the municipal act and the income tax act on the question of annual value and such annual value cannot exceed the standard or fair rent under the rent control act and may in a given case be evenlower ..... of self-occupied house property of assessee at market rent, but the hon'ble calcutta high court held that the tribunal was justified in determining the alv at standard rent determined under rent control act although such sum was lower than the figure shown by assessee in his returns. ..... authorities below have not followed the well accepted method of valuation and have instead resorted to estimation method, which is arbitrary and contrary to the provisions of the act.as against the above, the learned departmental representative has contended that the hon'ble bombay high court has, in m.v. ..... before the tribunal.the learned authorised representative of assessee has contended that this flat is a self-occupied property and so its alv has to be determined as per section 23(i)(a) according to which the "annual value" shall be the sum for which the property might reasonably be expected to let from year to year. ..... has been raised by the learned authorised representative of assessee-appellant before us during the course of hearing of arguments. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)89ITD629(Mum.)
..... the decision was delivered under the provisions of the wealth-tax act, 1957, the ratio thereof would apply even to income tax.the wealth-tax bench has held that bombay stock exchange card is not be liable to wealth-tax as it was not an asset within the meaning of section 2(e) of the said act. ..... stock exchange, bombay reported in air 1991 (bom) 30, wherein the hon'ble bombay high court held that membership of bombay stock exchange was not a transferable right and that it was a personal permission granted by the stock exchange to an transferable right and that it was a personal permission granted by ..... sejal dalal and the hon'ble bombay high court held that the rules enabling the governing body to reject an application of a nominee were not ultravires the constitution and the order of the governing ..... in appeal before the learned cit(a).before the learned cit(a) reliance was placed on the aforesaid decision of hon'ble supreme court in the case of vinoy babna (supra) and also on the decision of hon'ble bombay high court in the case of sejal rikeen dalal v. ..... on these facts, hon'ble bombay high court held that there was no property ..... is the decision of the hon'ble bombay high court in the case of mrs. ..... the special high court held that the membership was a personal privilege and ..... the high court rightly came to the conclusion that once a defaulting member ceases to be a member of the stock exchange no interest in his card remains and the same cannot be regarded as his asset and furthermore .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)84TTJ(Mum.)208
..... under section 5(1)(viii) of the wealth-tax act, 1957, it was held that merely because the gold caskets were kept in the show case did not make than part of the furniture and the rest of the articles could not be considered to be household utensils as ..... when the matter came before high court, hon'ble high court agreed to the view taken by the authorities below that the assets sold were capital asset ..... under these circumstances, assessee sold the paintings and the hon'ble high court has treated it casual and non-recurring receipt.22. ..... while deciding the issue hon'ble madras high court has quoted a portion of the judgment of hon'ble bombay high court in the case of g.s. ..... , hon'ble madras high court by following the decision hon'ble bombay high court in the case of g.s ..... while deciding the above case, hon'ble supreme court approved the decision of hon'ble bombay high court in the case of g.s. ..... the ao has drawn a strength on the decision of jurisdictional high court in the case of jayantilal a. ..... hon'ble high court held that assessee has collected old paintings, curious etc ..... hon'ble high court has held that heirloom jewellery is also meant for the personal use of the assessee ..... in support of her contention, she placed reliance on the decision of hon'ble bombay high court in the case of g.s. ..... ito 1 itd 85 and the judgment of rajasthan high court in cit (a) vs. ..... however, reference was made to high court. ..... when the matter came before hon'ble madras high court. ..... it was held by hon'ble bombay high court in j.a. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)90ITD710(Mum.)
..... in the present case, section 40 of the finance act, 1983 has no relevance whatsoever and the liability with regard to chargeability to wealth tax has to be determined in accordance with the relevant provisions of the wealth tax act. ..... per sub-section 5, it is stipulated that section 5 and clause (d) of section 45 of the wt act and part 2 of schedule 1 to the wt act shall not apply for the purposes of levy of wealth tax in pursuance of the provisions of section 40 of the finance act, 1983. ..... as per sub-section 3 of section 40 of the finance act, 1983, wealth tax was levied on eight categories of ..... , it was held that a flat which is part of co-operative i housing society is not an asset for the purposes of levy of wealth tax under section 40 of the finance act, 1983. ..... this view is also supported by the hon'ble madras high court decision in the case of vaidyanathan (supra). ..... in our view, the additional grounds go to the very root of the matter and these grounds are of legal nature and therefore deserve admission as has been held by the hon'ble bombay high court in the case of ashok vardha birdha v. ..... also relied upon the hon'ble madras high court decision in the case of cit v. ..... relied upon the following decisions of the hon'ble bombay high court: iii. ..... cit - 239 itr 383, it has been held by the hon'ble supreme court that tribunal can admit and decide such questions which are raised for the first time before the tribunal.accordingly, the additional grounds are admitted and are first dealt with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2007)109ITD35(Mum.)
..... act and section 4(7) of wealth tax act ..... he further submitted that the decision of the hon'ble gujarat high court in the case of anilaben upendra shah (supra) relied by ..... arose because we found at certain points in the orders of the authorities below as well as submissions of the learned counsel of the assessee during the course of hearing by us there was mention of stock exchange membership card. ..... the tribunal observed that during the course of hearing, it was not pointed out that there were two amounts ..... we therefore fixed the case for further hearing and the same was heard on 15-12-2006 ..... during the course of further hearing of this appeal the learned counsel for the assessee explained that there was no such thing as membership card as far as bangalore stock exchange at the material time ..... during the course of hearing before us, it was argued that this issue is covered in favour of the assessee by the order of itat mumbai 'd' bench dated 31.7.2001 in the case of the assessee ..... during the course of hearing before us on 29-08-2006 the ld.counsel for the assessee argued that by no means the share could be treated as stock in trade as held by ..... during the course of hearing, we asked the ld dr to point out the provisions of law that were contravened by the assessee or because of them the assessee could not be treated to have carried out the business of financing loans for the purpose of ..... during the course of hearing before us the ld.counsel for the assessee stated that the transactions with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)89ITD662(Mum.)
..... extent of the matters which are not covered by the appellate order of the appellate assistant commissioner and are left untouched, the order of assessment survives, permitting the exercise of revisional jurisdiction by the commissioner under section 25(2) of the wealth-tax act. ..... rajput (1987) 164 itr 197, a full bench consisting o five judges of the madhya pradesh high court, has held that whenever a question arises as to whether the commissioner is or is not competent to revise under section 263 of the act, the order of assessment framed by the ito which has been the subject matter of an appeal before the appellate assistant commissioner, it has to be ascertained as to whether the commissioner has set aside the entire order of assessment or ..... the question of merger in the context of section 263 of the it act also came up for consideration before the hon'ble madras high court in the case of cit v. ..... this argument was negatived by the hon'ble high court, observing that if the appellate court has not suo motu considered and decided the issue, provisions of section 263 can be invoked by the cit. ..... nageshwara rao - 231 itr 215, which has been relied upon by the learned dr.the observations of the andhra pradesh high court from the headnote are reproduced below: "the doctrine of merger applies to wealth tax proceedings but the extent to which it applies depends upon the scope and subject matter of appeal and the decision rendered by the appellate authority. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)32ITD271(Mum.)
..... section 27(1) of the wealth-tax act 1957 only permits an application to be made to the tribunal to refer to the high court any question of law which arises out of an order passed under section 24 or under section 26 of the wealth-tax act. ..... as regards the decision of the allahabad high court the same was in the context of section 254(2) of the income-tax act, it is seen that in the wealth-tax act there is no section which is parallel to section 254(2) of the income-tax act. ..... the present application under section 27(1) of the wealth-tax act, 1957, has been filed against the order of the tribunal dated 29.8.1988 passed under section 35 of the act in m.a. no. ..... we, therefore, for the above reasons, dismiss the application of the assessee filed under section 27(1) of the wealth-tax act, 1957, as being not maintainable. ..... an application under section 27(1) of the wealth-tax act against such an order is not maintainable as stated earlier, section 27 is very clear in its terms and specifically states that a reference to the high court on a question of law can only lie against the orders passed by the tribunal under section 24 or under section 26 of the act 7. ..... in our opinion, when the tribunal refuses to rectify its earlier order, such order refusing the rectification would be an order under section 35 of the wealth-tax act or otherwise, it would be a miscellaneous order on a miscellaneous application passed by the tribunal under its inherent power. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)65ITD287(Mum.)
..... mentioned in clauses (i) to (viii) under sub-section (3) of section 40 of the finance act also come under or covered by the definition "net wealth" under the wealth-tax act.sub-section (5) of section 40 of the finance act clearly states that it is only section 5 of the wealth-tax act and clause (d) of section 45 of the wealth-tax act and part ii of schedule i to that act are the provisions which should not apply while dealing a case under section 40 of the finance act and clause (b) of sub-section (5) clearly states that the remaining provisions of the wealth-tax act shall be construed so as to be in conformity ..... 1,75,00,000 for the earlier years and since the assessee was not able to produce anything to show that the tribunal's order was disturbed by the high court in a reference taken to it, we feel that we are justified in confirming the order of the cwt(appeals) with regard to the valuation of this property ..... he submitted that the calcutta high court in cwt v. m. ..... for the reason that the earlier orders come in conflict with the supreme court decision as to the interpretation of the words "belonging to", there is no necessity to refer the matter to any full bench even though there was a conflict of opinion between the park hotel's case on the one ..... makes it clear that the earlier decision of the tribunal for assessment years 1988-89 and 1989-90 was against the interpretation of the words "belonging to" by the hon'ble supreme court in raja mohammad amir ahmad khan's case (supra). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2008)301ITR217(Mum.)
..... the rights acquired under a lease from month to month or for a period not exceeding one year and also those acquired by virtue of any transaction not falling under section 269ua(f) are clearly outside the scope of the fiction created by section 4(8){b) of the wealth-tax act.since the aforesaid position emerges clearly and plainly on bare perusal of section 4(8)(b), it is not necessary, as stated earlier, to elucidate the possible intention of the legislature in inserting the words in the parenthesis appearing ..... the matter came up for hearing before a division bench of this tribunal- the assessee contended that the impugned properties had been licensed/leased out, after the licences/leases were renewed, for a period exceeding one year and therefore they were not includible in its wealth but in the wealth of the licencess/lessees in view of the provisions of section 4(8)(b).the assessee further submitted that where the property was licensed/ leased out initially ..... once such a right acquired under a lease from month to month or for a period not exceeding one year is excluded for whatever reasons from the scope of fiction created by section 4(8) (b), the courts, in our opinion, should net try to find out the reasons as to why such right has been excluded by the legislature. ..... faced with the divergent views taken by the division benches of this tribunal, the division bench hearing the appeal referred the matter to the hon'ble president for constitution of a larger bench to resolve the .....
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