Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 28 hearing by high court Court: income tax appellate tribunal itat mumbai Page 10 of about 109 results (0.738 seconds)

Burlingtons' Exports Vs. Assistant Commissioner Of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)45ITD424(Mum.)

..... cit (appeals) and submitted that the bombay high court decisions relied upon by the learned counsel were concerning the indian income-tax act, 1922 and, therefore, have no application to the provisions of section 3 of the income-tax act, 1961.on valuation, he supported the orders of the departmental authorities and submitted that if the assets are valued on the basis of rule 1bb of the wealth-tax rules, it gives a value magnificiently lower ..... rule 1bb were a sort of concession given to the tax-payers like the provisions contained in section 7(4) of the wealth-tax act and, therefore, he held, could not be equated with ..... than the written down value at which they were transferred by the assessee and in that case, the assessee should have filed the gift-tax return and paid tax ..... (supra) was not applicable as the provisions of section 45(4) of the act were not on the statute book when the transaction took place; and (vi) that the value adopted by the assessing officer was arbitrary and exhorbitant and should have been arrived at as per the provisions of rule 1bb of the wealth-tax rules.disagreeing with these submissions, he held that the bungalow/flat belonged to the assessee- ..... 1957 .....

Rajas R. Doshi Vs. Eighth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)48ITD77(Mum.)

..... , which was confirmed both by the first and the second appellate authorities.on a reference to the high court, the high court referred to the provisions of section 2(24)(iv) of the income-tax act and held that the value of a perquisite, if not already known, can be evaluated by some known method but if the value is already fixed, the income-tax department cannot revalue the same at a higher figure merely because it is possible to do so. ..... of the income as against the land and building method, which was the hot favourite of the valuation officers appointed under the wealth-tax act and the income-tax act.28. ..... tenanted property in a metropolis has a much less value in the market than a property with vacant possession.realisation of this principle has led the legislature to enact rule 1bb in the wealth-tax rules to peg the value of the residential house at a particular value and also the various rules made under the wealth-tax act. ..... 1982] 138 itr 653, it was submitted that if at all any benefit or perquisite is to be taxed under section 2(24)(iv) of the income-tax act, that amount of benefit or perquisite could not exceed the amount which the company had paid. ..... interesting feature of this case, as came out during the course of hearing, was that a second valuer was appointed and he valued the property perhaps by applying rule 1bb of the wealth-tax rules at rs. ..... the assistant valuation officer's report, a fresh reference was made in connection with wealth-tax matters against messrs. .....

Bank of Baroda Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT804(Mum.)

..... high court observed that the term 'industrial undertaking' is defined in wealth tax act for the purpose of section 5(1)(xxxi) of the wealth tax act ..... learned departmental representative that if there is no specific definition of the term in the income tax act, the meaning of such term for the purposes of any sections of the income tax act can be understood by reference to other sections of the income tax act or even provisions contained in other direct taxes act like wealth tax act. ..... explanation to section 5(1)(xxxi) of the wealth tax act defined the term as an undertaking engaged in the business of generation or distribution or electricity or any other form of power or ..... it is argued that when the term has not been specifically defined in the income tax act, the meaning attributed to such term in various other sections of the income tax act must be adopted and there is no need to travel to the meaning given by the learned authors of the legal & commercial ..... is reproduced below : "industrial undertaking - any undertaking pertaining to a scheduled industry carried on in one or more factories by any person or authority including government industries (development and regulation) act, 1951, section 3(d).industrial undertaking means any undertaking pertaining to a scheduled industry and includes an undertaking engaged in any other industry, or in any trade, business or service which may be regulated by parliament by ..... tax act, 1961, but, it is defined under the wealth tax act, 1957 .....

Addl. Cwt Vs. Irani Foods and Investment Co. (P)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... has been filed by the revenue against the order of commissioner of wealth tax (appeal), central-iii, mumbai, dated 28-2-2005 under section 23(5) of the wealth tax act, 1957. ..... regarding exemption for two years of unused land held by the assessee for industrial purposes for a period of two years under explanation 1(b) to section 2(ea) of the wealth tax act, the learned departmental representative pointed out that land acquired by the assessee is riot to be utilized for the purpose of industrial undertaking, as such the said provisions are riot applicable to the facts of the ..... cannot be included in the definition of assets under section 2(ea) of the wealth tax act.thus, the commissioner of wealth tax (appeal) deleted the value of developmental rights included by the assessing officer in the net wealth of the assessee. ..... he submitted that in case the said land is held to be urban land then the same is outside the purview of wealth tax act as the said urban land has been allotted for industrial purposes and has remained unused for a period of two years from the date of its acquisition and as such outside the purview of definition of urban land as per explanation 1(b) to section 2(ea) of the wealth tax act.8. ..... representative conceded that the industrial plot owned by the assessee is exempt under section 2(ea) of the wealth tax act, but the plot of land for which development rights have been acquired during the year under consideration is includable as wealth in the hands of the assessee. .....

Asst. Commissioner of Income-tax Vs. Star India Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)117TTJ(Mum.)577

..... section 7 of the wealth tax act provided the mechanism of valuation of the ..... that case, the court was concerned with the issue of valuation of shares under the wealth tax act. ..... it was also observed by him that decision of hon'ble bombay high court in the case of ipca laboratories (supra) was distinguishable on facts in as much as in the case before the hon'ble high court there were two export activities and the assessee had loss in one of the activities which the assessee wanted to be ignored for the purpose of claiming deduction under section 80hhc while in the present case, the assessee has only one export activity ..... may be mentioned at this stage that still there is dispute on this issue since there is divergence of opinion between the high courts in as much as the hon'ble delhi high court has taken the view in favour of the assessee laying down the same proposition as given by the special bench while the hon'ble rajasthan high court has decided in favour of the revenue by holding that assessee is still required to prove that the debt has become bad. ..... after hearing both the parties, we find that this issue is covered in favour of the assessee by the decision of the tribunal for assessment year's 1997-98 to 1999-2000 (supra) wherein it has been held that such expenditure ..... after hearing both the parties, we find that the issue arising in the appeal for assessment year 1997-98 has been decided by the tribunal in favour of the assessee vide order dated 28th july, 2006 by holding .....

Master Sameer S. Somaiya Vs. First Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)8ITD332(Mum.)

..... the facts before us read in the background of the wealth-tax act, 1957 ('the act') and the wealth-tax rules, 1957 ('the rules') leave us with no doubt that the valuation of these shares and the inclusion of the alleged non-refundable amount have not been done properly either by the assessee or by ..... wto finds that the value he has to adopt is in excess of the original figure of assessment, he must issue a proper notice to the assessee inviting his attention to the enhancement, hear his representations and then complete the assessment.the principle of natural justice, which requires a hearing before the enhancement would, in our opinion, be satisfied if the assessee has a bearing on this point even at an earlier stage where the question of increase comes up. ..... the assessee contended, the original concept was that of a non-refundable deposit, when the assessee converted into a refundable deposit, here was a clear case of a gift which might have been attracted the gift-tax act, 1958, in the hands of the company-donor. ..... but a more basic problem in this computation of net wealth is that, in our view, neither the resort to rule 1d nor the approach of both the parties to the deposit amount seems to ..... was expressed before us as to whether if the above recomputa-tion results in an enhancement of the net wealth of the assessee, the tribunal could do it. ..... , the assessee wants a hearing by us, he may approach us in what will be a mere continuation of these proceedings and not a separate hearing. .....

M.M. Gandhy Vs. Ninth Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)7ITD450(Mum.)

..... the assessee requested for the rectification of the aforesaid mistake under section 35 of the wealth-tax act, 1957 ('the act'). ..... as the net taxable wealth was far below the minimum liable to wealth-tax, there could be no demand of wealth-tax on the basis of the return filed by the assessee. ..... it was requested that the liabilities shown in the wealth-tax return appeared to have been ignored while raising the demand. ..... he stated that the assessment made by the wto could not have been made under section 16(1) of the act against which no appeal lies because the demand raised by the wto was different from the amount admitted by the assessee.further, the assessee had received no assessment order and the non-enclosure of the ..... as the demand raised by the wto was different from the demand admitted by the assessee, the assessment was evidently not made under section 16(1) because the wto did not accept the return filed by the assessee as correct and complete. ..... yet, he sent a demand notice dated 20-3-1980 demanding wealth-tax of rs. ..... shri roy alphonso, the learned representative for the department, on the other hand, stated that the aac had no other alternative but to dismiss the appeal as incompetent becasue the income-tax rules, 1962 ('the rules') relating to the filing of the appeal before the aac were not complied with.8. ..... the reference to the assessment having been made under section 16(1) made by the assessee in the memorandum of appeal filed before the aac is, thus, clearly erroneous. .....

Hansraj Vallabhdas Vs. Tenth Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)13ITD259(Mum.)

..... this is a case allotted to me as third member by the president under section 24(11) of the wealth-tax act, 1957 ('the act') to resolve, rather to express my opinion on the following point of difference of opinion that arose between my learned brothers: whether, on the facts and in the circumstances of the case, the sum of rs. ..... as we have differed in our conclusion about the disposal of the aforesaid appeal, we hereby refer the following question to the president for being referred to third member under section 25(11) of the wealth-tax act, 1957: whether, on the facts and in the circumstances of the case, the sum of rs. ..... the ratio of that decision, consequently, does not support the present case of the assessee.reference under section 25(11) of the wealth-tax act, 1957 - on 7-6-1983 we heard the aforesaid appeal [wt appeal no. ..... the valuation of the shares of the company held by the assessee was done by the wto in accordance with rule 1d of the wealth-tax rules, 1957 ('the rules').3. ..... we feel that this approach is erroneous.the aac has referred to the gujarat high court's decision in the case of nagri mills co. ..... after hearing the learned counsel for the department who laid stress on the orders of the authorities below, we see no reason to reject the assessee's claim. ..... on hearing the matter, the learned vice president, who is a party to the order, opined that on the facts of the case it could not be said that the liability was not properly ascertained on scientific basis, that the .....

Fifth Wealth-tax Officer Vs. Smt. Savitri T. Mehta

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD19(Mum.)

..... , shri prakash, submitted to us that section 7 of the wealth-tax act, 1957 ('the act') itself starts with the opening words 'subject to any rules made in this behalf and the hon'ble allahabad high court in the cases of cwt v. ..... seth sudhir kumar modi (supra) decided by the special bench of the tribunal at delhi, the tribunal in paragraphs 9 and 18 of its order had clearly indicated that the rulings of the hon'ble allahabad high court in the cases of sripat singhania (supra), padampat singhania (supra) and bharat hari singhania (supra) were binding on them while deciding that appeal. ..... revenue are against the direction of the commissioner (appeals)/aac to value the unquoted equity shares of companies under the yield method instead of under the break up method prescribed by rule 1d of the wealth-tax rules, 1957 ('the rules') as was done by the wto.2. ..... 14 itd 269 (delhi), where the valuation of unquoted equity shares of a company was made by the wealth-tax authorities under rule 1d and this action was not disapproved by the tribunal. ..... cwt [1980] 124 itr 799, where the hon'ble bombay high court laid down that except in exceptional circumstances or in the case of a company ripe for liquidation, the yield method rather than the break up method was the proper method of valuation of unquoted equity shares ..... rama iyer, gto, where the hon'ble bombay high court laid down that the unquoted equity shares of a company, which is a going concern, have to be valued not under the break up method but .....

Fourth Wealth-tax Officer Vs. Smt. Ashalata G. Kelkar

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. .....