Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 28 hearing by high court Court: income tax appellate tribunal itat mumbai Page 11 of about 109 results (0.039 seconds)

Eleventh Wealth-tax Officer Vs. Smt. Ramaben H. Thakkar

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)21ITD170(Mum.)

..... 1 lakh under section 5(1)(iv) of the wealth-tax act, 1957 ('the act')- further, the assessee claimed separately a deduction of rs. ..... 1 lakh under section 5(1)(iv) of the wealth-tax act, 1957. ..... since gift by spouse is added back in the hands of donor spouse the exemption is not lost under section 5(1)(iv) as has been held in several cases which are : in the present case the husband, the donor, has included the amount of gift in his wealth and is paying tax on the same and has not claimed deduction under section 5(1)(iv) since the cost of building was much more than rs. ..... the gift amount is regularly assessed in the hands of husband for the purpose of wealth-tax as well as the proportionate income of house property is assessed in the hands of husband. ..... this was the amount shown in the statement filed for wealth-tax purposes this year.out of this amount of rs. ..... the relevant portion of section 4(1) of the act reads as under : (1) in computing the net wealth of an individual, there shall be included, as belonging to that individual- (i) by the spouse of such individual to whom such assets have been transferred by the individual, directly or indirectly, otherwise than for adequate consideration or in connection with an agreement to live ..... 1 lakh in respect of the gift received from the husband which was included in his wealth-tax assessment. .....

Sri Madhusudan I. Dalal Vs. Seventh Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)21ITD223(Mum.)

..... wto rejected the contention and his order reads that it was not acceptable in view of the provisions of section 4(1a)(&) of the wealth-tax act, 1957.4. ..... the above premises, we are of the view that the decision of the madhya pradesh high court in the case of vishnukumar bhaiya (supra) accords with the true situation in law and should be followed in preference to the contrary view taken by the allahabad high court in prem kumar's case (supra). ..... had been accepted by the department under section 171(3) of the income-tax act, 1961. ..... catena of decisions of the supreme court was cited by him, in addition to the decision of the allahahad high court in the case of prem kumar v ..... [1980] 121 itr 347 which has taken a view opposite to that of the madhya pradesh high court in vishnukumar bhaiya's case (supra).6. ..... aac, relying upon the judgment of the madhya pradesh high court in the case of cit v. ..... cit [1974] 97 itr 493 what is pointed out by the supreme court is that the 'plurality of persons is an essential attribute of a family ..... it was claimed before the wto that this wealth was the asset of the huf consisting of himself and his wife as on the valuation date (31-3-1980) and, therefore, it was not includible in his ..... jhaveri drew support from the decisions of the supreme court in the cases of gowli buddanna v. ..... but the supreme court has in clear terms ruled in ..... he stated that there could be a joint family consisting of only lady members, relying upon the supreme court's decision in cit v. rm. ar. ar. .....

Hiren L. Patel Trust No. 10 Vs. Ninth Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)21ITD219(Mum.)

..... in all these appeals the point involved is about the claim of exemption under section 5(1)(xxiii) read with section 5(1a) of the wealth-tax act, 1957 ('the act').2. ..... under this provision as interpreted by the supreme court in the case of cwt v. ..... or aggregate value of the interest or interests of the person or persons on whose behalf or for whose benefit such assets are held falls short of the value of any such assets, then, in addition to the wealth-tax leviable and recoverable under sub-section (1) the wealth-tax shall be levied upon and recovered from the trusts aforesaid in respect of the value of such assets, to the extent it exceeds the value or aggregate value of interest or interests, as if, such excess value were ..... to by the learned departmental representative, we cannot ignore in that case the following operative language of section 5(1) : (1) subject to the provisions of sub-section (1a), wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee.the aforesaid language of section 5(1) not only prohibits the inclusion of enumerated assets in the net wealth of the assessee but further provides that wealth-tax shall also not be payable by an assessee in respect of those assets.8. .....

Mrs. Sunita R. Mahtani Vs. Seventh Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)22ITD526(Mum.)

..... 1,50,000 as laid down under section 5(1a) of the wealth-tax act, 1957, and included the balance, that is rs. ..... 1070 dated 28-6-1977, examined this very issue and directed that where debts are secured on, or have been incurred in relation to an asset which is partly exempt under section 5(1) of the wealth-tax act, 1957, the claim of deduction of such debt will have to be allowed to the extent of the value of that asset which has been included in the net wealth. ..... vaidyanathan (supra) there was a difference of opinion among the learned judges of the full bench of the hon'ble high court of madras on how the apportionment of the debt should be done between the assets which were exempted from wealth-tax and the assets which were not exempt. ..... there was no application for adjournment of the date fixed for hearing, on the earlier occasion also, even though when the appeal came up for hearing on 4-2-1987 and the hearing of the appeal was adjourned on the request of the assessee's counsel shri iyer to 9-2-1987 under intimation to him, none turned up on behalf of the assessee on the adjourned date, that is 9-2-1987. ..... none turned up on behalf of the assessee when the appeal came up for hearing on 23-4-1987. .....

Legal Heir of Late B.S. Gajra Vs. Second Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)47ITD255(Mum.)

..... the term 'net wealth' is defined in section 2(m) of the wealth-tax act, according to which it means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets wherever located belonging to the assessee on the valuation date is in excess of the aggregate value of the debts owed by ..... the appellant forms a part of the appellant's net wealth under section 2(m) of the wealth-tax act. ..... under section 4(1)(b) of the wealth-tax act, where the assessee is a partner in a firm or a member of an association of persons, the value of his interest in the firm or association shall ..... the assessees had objected the action of the assessing officer in bringing deemed gift to tax and, consequently, holding that the assessees are liable under the wealth-tax act in respect of the value of the assets as on the valuation date. ..... fail to appreciate appellant's basic submission that on admission of a partner in a firm and the resultant readjustment of shares of the partners, there is no 'transfer' within the meaning of gift-tax act, 1958 and consequently such a transaction not chargeable to gift-tax at all.2.1 we have heard the assessee's learned counsel who vehemently argued that, in the facts and circumstances of the case, the admission of a partner in the firm and readjustment of the shares ..... rule 2 of the wealth-tax rules, 1957, which provides for the computation of the value of interest of a partner in a firm, directs the determination of such value in .....

Sapphire Land Development (P.) Vs. Asstt. Cit of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... there is no dispute to the well-settled legal proposition that as per charging section 3 of the wealth tax act, wealth tax is to be charged on the net wealth, on the corresponding valuation date at the rates specified in the schedule l there is also no dispute to the legal position that "net wealth" as per the provisions of section 2(m) means the amount by which aggregate value of all assets computed in accordance with the provisions by this act is in excess of aggregate value of all the debts owed by the assessee. ..... such uability is required to be reduced out of the value of the assets for the purposes of computing net wealth under section 3 read with section 2(m) of the wealth tax act.9. ..... he further pleaded that the bank overdraft facility is also a debt, which is required to be reduced while computing taxable wealth as per the provisions of section 3 read with section 2(ra) of the wealth tax act. ..... we are therefore, inclined to reverse the finding of the lower authorities and direct the assessing officer to reduce the amount of overdraft availed for acquisition of motor car while computing net wealth under section 2(m) of the wealth tax act. ..... these two appeals filed by the assessee are against the order of the learned cwt(a) dated 16-5-2005 and 17-5-2005 for the assessment years 2001-02 and 2002-03, in the matter of orders passed under section 16(3) of the wealth tax act.2. .....

Shalini Trust Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)7ITD274(Mum.)

..... an original assessment was made in the case of this assessee-trust by the wto applying the provisions of section 21(1a) of the wealth-tax act, 1957 ('the act'). ..... subject to the provisions of sub-section (1a), in the case of assets chargeable to tax under this act, which are held by a court of wards or an administrator-general or an official trustee or any receiver or manager or any other person, by whatever name called, appointed under any order of a court to manage property on behalf of another, or any trustee appointed under a trust declared by a duly executed instrument in writing, whether testamentary or otherwise (including a trustee under a valid deed of wakf), the wealth-tax shall be levied upon and recoverable from ..... interest or interests of the person or persons on whose behalf or for whose benefit such assets are held falls short of the value of any such assets, then, in addition to the wealth-tax leviable and recoverable under sub-section (1), the wealth-tax shall be levied upon and recovered from the court of wards, administrator-general, official trustee, receiver, manager or other person or trustee aforesaid in respect of the value of such assets, to the extent it exceeds the value or aggregate value ..... after hearing the parties, we have no hesitation in holding that the wto's original order has been properly made and the assessee's contention has to be accepted.8. .....

Rajendra Ratilal Vs. Second Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)15ITD61(Mum.)

..... the assessee appealed and before the aac claimed exemption of the assessee's interest in the assets of the firm under the provisions of section 5(1)(xxxii) of the wealth-tax act, 1957 ('the act'). ..... the learned counsel for the assessee submitted that under the provisions of section 5(1)(xxxii) wealth-tax is not payable in respect of: (xxxii) the value, as determined in the prescribed manner, of the interest of the assessee in the assets (not being any land or building or any rights in any land or building or any asset referred to in any other clause of this sub-section) forming part of an industrial undertaking belonging to a firm or an association of persons of which the assessee is a partner or, as the case may ..... be, a member ;" such assets are also not to be included in the net wealth of an assessee.he further stated that the explanation to section 5(1)(xxxi), which reads as under, gives the following meaning to the term 'industrial undertaking': "for the purposes of clause (xxxa), this clause, clause (xxxii) and clause (xxxiv), the term 'industrial undertaking' means an undertaking ..... reliance was placed on the judgment of the calcutta high court in cit v. .....

B.K. Taparia Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)20ITD445(Mum.)

..... , for each of the assessment years 1972-73 to 1974-75, the wto held that under the provisions of section 4(1a) of the wealth-tax act, 1957 ('the act') the amount of rs. ..... getti chettiar [1971] 82 itr 599, the supreme court had occasion to examine the provisions of section 2(xxiv) of the gift-tax act, 1958 which defines 'transfer of property' and used somewhat similar expressions and had stated therein as under : ..... charging section under the wealth-tax act is section 3 which states that the 'net wealth' is to be brought to tax.net wealth in terms of section 2(m) of the act is the aggregate value computed in accordance with the provisions of this act of all the 'assets' belonging to an assessee on a valuation date, including assets required to be included in his net wealth as exceed value of all debts.therefore, there should have been an asset belonging to the assessee or required to be included in his net wealth. ..... with the character of huf property and he is on the way to a bank to deposit the same when it is irretrievably lost, could it be that the value of the amount so impressed though it has ceased to be the wealth of the transferor or the transferee is to be included in the hands of the transferor for all time to come. ..... the above illustrations we have used the word 'transferor' to mean the person who impresses property with the character of huf property or makes the transfer within the meaning of section 4(1a) and we have used the term 'transferee' to indicate the recipient huf. .....

Fifth Wealth-tax Officer Vs. Vishwanath Mittal

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)21ITD128(Mum.)

..... on the facts and in the circumstances of the case and in law, the learned aac erred in directing the wto to give exemption under section 5(1)(xxxii) of the wealth-tax act, 1957, in excess of the credit balance in the capital account of the assessee in the industrial undertaking wherein he is a partner. 2. ..... it is not in dispute that the partner is entitled to exemption under section 5(1)(xxxii) of the wealth-tax act, 1957 ('the act'). ..... assessee that since the liability of the firm is nothing but a liability of partners in communion and the same are allowable as the assessee's own liability has also no force.deduction of such liability is prohibited by the provisions of section 2(m)(ii) providing that no debt owed by an assessee is allowable if it was incurred in relation to an asset in respect of which no wealth-tax is chargeable under the act. ..... are maintained by the assessee regularly, the wealth-tax officer may, instead of determining separately the value of each such asset, determine the value of such assets as a whole having regard to the balance sheet of such business as on the valuation date and shall make adjustments therein as specified in rules 2b, 2c, 2d and 2g in so far as they are applicable.on a reading of the rules 2h and 2-i, it is clear that what is contemplated to be covered by the provisions of section 5(1)(xxxii) is the value of the interest ..... section 5(1) directs that no wealth-tax shall be payable by an assessee in respect of assets covered by section 5(1)(xxxii) .....