Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 28 hearing by high court Court: income tax appellate tribunal itat mumbai Page 3 of about 109 results (0.305 seconds)

Mafatlal Industries Ltd. Vs. Wto

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95ITD66(Mum.)

..... it is submitted that as letting out of property is the part of the business of the company the portions of the premises which are let out are not liable to wealth tax in view of section 2(ea)(i)(3) of the wealth tax act particularly as a portion of the buildings are occupied for the purposes of its other business. ..... due to this reason, thereafter, a notice under section 17 of wealth tax act was issued asking the assessee to explain why the value of these buildings should not be treated as specified assets to be taxed for wealth tax purpose. ..... ) was that there was no change of opinion on the basis of which the case was reopened as the assessing officer had found that the assessee has not included the value of two immovable properties in its wealth tax return, therefore, the assessing officer had reason to believe that the wealth has escaped assessment so issued notice under section 17 of wealth tax act. ..... 17,05,70,689 and the same was assessed under section 16(3) of wealth tax act with a little marginal difference and assessed at rs. ..... before we part with an another order of hon'ble madras high court in the case of madras silk & rayon mills (r) ltd, v.income tax officer (2003) 262 itr 122 (mad. ..... with a view to keep a consistency with the income tax proceedings it was held that for wealth tax purpose the properties were 'assets' and valued the same in accordance with part-b, schedule-iii of wealth tax act, 1957. ..... on the other hand, during the course of hearing ld. d.r. .....

Ramnord Research Laboratories Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)99ITD753(Mum.)

..... annie besant road, worli, mumbai, given on leave and licence basis to citibank could be considered as an asset chargeable to wealth-tax under section 2(ea) of the wealth-tax act, 1957 ('the act').2. ..... as such, the said property is not covered within the purview of the definition of the term "asset" as per section 2(ea) of the wealth-tax act, 1957. ..... hence, the value of such building could not be included in the wealth-tax act.5. ..... before concluding the issue, it may also be mentioned that the expression "may occupy for the purpose of any business or profession carried on by him", used in section 2(ea)(i)(3) of the act is identical to the language used in section 22 of the income-tax act, 1961. ..... he further relied on the decisions of the tribunal in assessee's own case rendered with reference to income tax proceedings for assessment years 1995-96 and 1997-98, copies of which are placed on record, wherein, following the judgment of the hon'ble madras high court in the case of cit v. ..... however, the hon'ble supreme court has defined the same as some real, substantive and systematic or organized course of activity or conduct with a set purpose -narain swadeshi wvg. ..... had it been so, the judgment given by the apex court would have been different. ..... the hon'ble supreme court in the case of east india housing & land development trust ltd. v. .....

Tomas Cook (India) Limited Vs. the Dy./Jt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103ITD119(Mum.)

..... , the hon'ble supreme court had to consider the meaning of the word "annuity"with reference to the provisions of wealth tax act. ..... the court had to consider the provisions of explanation-2 in section 24 of the indian income tax act, 1922 and the said explanation referred to a transaction for purchase and ..... from provisions of service to foreign tourists computed as per sub-section 3(b) of section 80hhd of the income tax act, 1961.profit and loss accounts viz. ..... the decision of central excise and gold appellate tribunal, mumbai, in its own case where the tribunal held that the currency was within the scope of the word "goods" in terms of section 2(22) of the customs act, 1962.this decision does not help the case of the assessee since the legislature has provided enlarged definition of the word "goods" under the customs ..... it is also well settled rule of interpretation that in case of ambiguity if two interpretations are possible, then the court should accept the one which serves the purpose of object of the act then the construction which defeats or frustrates such purpose or object.section 80hhc is a code by itself and was enacted with the sole purpose to promote the export of goods produced in india and to augment the foreign exchange reserve in order to ..... after hearing both the parties, we find that the issue is covered by the decision of the hon'ble bombay high court in the case of allana sons 216 itr 690, wherein it has been held that no disallowance can be made where there is no logo .....

Veena Investments (P) Ltd. Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... both the appeals are by the assessee are against the consolidated order of commissioner (appeals)-xxx, mumbai, dated 31 -3-2005 relating to assessment years 1997-98 and 1998-99 against the order under section 16(3) read with section 17 of the wealth tax act, 1957. ..... learned cwt(a) has erred in rejecting the contention of the appellant that the immovable property owned by the appellant and partly used for the purpose of business is out of the purview of the definition 'asset' under section 2(ea)(1)(3) of the wealth tax act, 1957. ..... taking into consideration the series of amendments made to the definition of 'assets' under section 2(ea) of the wealth tax act, the following position involves with effect from 1-4-1993 to 31-3-1997, wealth-tax was chargeable only on the guest house and residential house including farm houses subject to exclusion of certain properties ..... reliance by learned authorised representative on the (decision of hon'ble gauhati high court is misplaced due to amended provisions of the act.10. ..... the commissioner (appeals) confirmed the order of assessing officer placing reliance on decision of hon'ble madras high court in cwt v.fagun estates (p. ..... their lordships of hon'ble delhi high court kapri international (p. ..... reliance was placed on the decision of hon'ble gauhati high court in cwt v. ..... in ajax product's case , the hon'ble supreme court at page 747 had held: to put it other words, the subject is not to be taxed unless the charging provision clearly imposes the obligation. .....

N.M. Shah Vs. Second Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)1ITD244(Mum.)

..... the calcutta high court decision was dissented from as not furnishing sufficient reason and further holding that the calcutta high court's view that the method of accounting was of no significance under the wealth-tax act was contrary to the express provision contained under section 7(2). ..... in this connection, the learned counsel for the assessee also drew our attention to the amendment brought in 1975 to section 5(5)(1)of the wealth-tax act, 1957 (the act) by the addition of clause (xa) exempting and excluding from the inclusion in the net wealth of an assessee the amount of any fees due to an assessee in respect of services rendered by him as a legal practitioner within the meaning of the advocates act, 1961. ..... ) of 1978-79, copy of which has been filed before us in the course of hearing, as also an order of the tribunal reported in 1978 bombay chartered accountants' journal, page 594. ..... we have, therefore, had the benefit of hearing not only the counsel appearing for the particular assessee, but also hearing the counsels for interveners, representatives including professional bodies and associations like the institute of chartered accountants of india and the bombay chartered accountants' society, who sought permission, and were allowed to intervene. ..... reference was also made in the course of hearing to the following books of account and accounting principles : 1. .....

Wealth-tax Officer Vs. K.H. Gharda

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)22ITD457(Mum.)

..... it was claimed before the wealth-tax officer that while the provisions of section 4(l)(a) of the wealth tax act, 1967 may apply to 2,000 shares transferred by the assessee to the trust for the benefit of his wife, they will not apply to bonus shares on these shares or to the dividend declared on these shares or on the bonus shares, that is in other words, the provisions of section 4(l)(a) will apply only to the value of the assets transferred directly or indirectly but not to the accretion to those ..... to point out that while the assessee worked out the value of these shares under rule id of the wealth-tax rules, 1957 and the wealth-tax officer also valued these shares under rule id of the wealth tax rules, 1957, according to the assessee, the advance payment of tax excluded from the assets ought not to have been deducted from the tax payable with reference to the book profits in accordance with the law applicable thereto for the purpose of finding ..... the benefit of his wife on 21-3-1977, this provision will have no application to bonus shares received on these equity shares or the dividends declared on these shares or on the bonus shares in view of the rulings of the hon'ble high court of bombay in the cases of popatlal bhikamchand v. .....

Huf of H.H. Late Sir J.M. ScIndia Vs. Acit, Range - 18(2)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... was again reiterated that the value taken in accordance with the provisions of wealth tax act, 1957 cannot be utilized for the purpose of computation of capital gains for the reasons that the value of immovable property determined in the wealth tax assessment is binding on the assessee for the reasons stated in para 5 ..... above it is submitted that the value taken in accordance with the provisions of the wealth tax act, 1957 cannot be utilized for the purposes of computation of capital gains to be charged in accordance with the provisions of the income-tax act, 1961 because the value of the immovable property as determined in the wealth-tax assessment is binding on the assessee under the wealth-tax act, 1957.6. ..... jadeja gujarat high court though section 45 of the income-tax act, 1961, is a charging section the legislature has enacted detailed provisions in order to compute the profits or gains under that head and no provision at variance with such computation provisions can be applied for determining the ..... valuation made by' the government approved valuer giving the valuation of the property transferred during the year as on march 31, 1981 should not be rejected and the value as assessed by the assessing officer in the wealth-tax assessment order for assessment year 1981-82 be while computing the capital gains for assessment year 1997-98. i. ..... it was further submitted that in the wealth tax matter the value adopted by the wealth tax officer was suited to the assessee, hence the .....

Addl. Fourth Wealth-tax Officer Vs. S.N. Desai

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)10ITD492(Mum.)

..... these assessment years, the wto has referred the valuation of some of the propertiesunder section 16a of the wealth-tax act, 1957 ('the act'), to the departmental valuer. ..... these properties at full price.apparently, the cross-objections of the assessee relating to this point challenge the double assessment of the value of the above asset in dispute and in the hands of the court receiver, being included twice for wealth-tax purposes in the net wealth of the assessee himself, once through the court receiver and for the second time directly in his own hands ; thus, subjecting this asset to double assessment. ..... decision of the calcutta high court in the case of cit ..... the calcutta high court's observations read with the extract from the parks' book on principle and practice of valuation also supports ..... the calcutta high court pointed out that where the capitalisation of the net income is adopted as the basis and the reversion is considered, the value of the land is taken twice ; once included in the amount arrived at by the ..... will be supported by the decisions like that of the calcutta high court in ced v. ..... of the hearing of the appeals and the cross-objections, complaint was made by the learned counsel for the assessee that as against a normal valuation fixed and to be fixed on these litigated assets, the court receiver has not properly challenged the valuation put in, in the assessments made in his hands by the wto, even though the valuation adopted by the wto was harsh and abnormally high. .....

Wealth-tax Officer Vs. Gulshan Rai Sachdev

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)19ITD860(Mum.)

..... case (supra) the bench in paragraph 26 had noted that in dipti kumar basu's case (supra), it was held that the wto was authorised to make adjustments in the balance sheet under section 7(2)(a) of the wealth-tax act, 1957 and the fact that the book debt was not entered in the books was itself a circumstance justifying its inclusion and that such inclusion did not convert the cash system into mercantile ..... in the assessment year 1978-79 on account of variation under rule 2b(2) of the wealth-tax rules, 1957 ('the rules') in respect of the said distributorship rights. ..... therefore, the assessee may be right in showing the cost of such gas cylinders at nil in the balance sheet but it would be preposterous to claim that the said cylinders did not have any value for wealth-tax assessment though they had been purchased only one day prior to the valuation date.9. ..... case (supra) is no longer good law and the correct view is that the book debts which are not entered in business account books can be considered by the wto while computing the wealth of the assessee, similarly, the argument regarding income-tax and wealth-tax, being an integral system (as mentioned in paragraph 36 in n.m. ..... 's case in the assessment year 1977-78 was that while the assessee had distribution rights in more than 50 films, the assessee in wealth-tax return had disclosed only the net worth of modern movies at rs. ..... the said karnataka high court decision had dissented from dipti kumar basu ..... the supreme court has since overruled .....

Nusli N. Wadia Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)46ITD31(Mum.)

..... the nepal company as well as other credit balances were certainly assets held outside india and those assets could not be said to be assets of the assessee in india and that the protection provided by section 6 of the wealth-tax act, 1957, was available to the assessee and his shareholding in the nepal company and also the credit balances were not includible in the hands of the assessee in computing his net ..... the facts to be brought on record and the finding to be recorded has special significance in the present case, as the bombay high court, we are informed, is awaiting the order of the tribunal and its finding for deciding the case of the assessee for the earlier assessment years ..... reproduce below the letter of the commissioner of income-tax, central-i, bombay, dated march 4, 1991, written to the senior departmental representative, income-tax appellate tribunal, bombay : i understand that the hearing in respect of the above appeal is coming up before the income-tax appellate tribunal on monday, the 4th march, 1991 ..... copy of the abovementioned letter was given to the appellant's representative in the course of hearing on 4th march, 1991, with directions to file a rejoinder by 5th march, 1991 ..... in fact, during the course of the hearing of this matter, learned counsel for the assessee, shri harish, submitted that the tribunal could have opted for the ..... as yet aggrieved, hence this second appeal and we have heard the parties at length, since the hearing was spread over three days. .....