Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 28 hearing by high court Court: income tax appellate tribunal itat mumbai Page 7 of about 109 results (0.094 seconds)

Assistant Commissioner of Vs. Tribhovandas Bhimji Zaveri

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)74ITD92(Mum.)

..... 91,286 for the said nine years has already been paid and the assessments have been regularised under section 17 of wealth-tax act. 2. ..... facts of this case we are of opinion that there were no materials on which the department could have come to the conclusion that these credits represented undisclosed profits of the firm.it may be observed that the jurisdictional high court has clearly observed that in most cases, the issue would depend upon the facts actually found.we hardly need mention that in that case there are. ..... while deciding the issue in favour of the assessee, the jurisdictional high court observed as follows :- it is true that we are as anxious as the department to see that there is no dishonest evasion of payment of income-tax, but i take it that there are at least some honest assessees in this state and we have got also to think of these honest assessees. ..... similar is the position in the cases of girdhari lal nannelal (supra) considered by the apex court and sukhdayal rambilas (supra) considered by the jurisdictional high court.none of these cases, as already mentioned, are indicative of any thought-out manipulative tax saving device. ..... in the case of narayandas kedarnath (supra), the jurisdictional high court held that in a case where credits stood in the names of partners, the assessee-firm has discharged the onus of explaining the credits and it cannot be further saddled with the responsibility of explaining how the partners .....

Sterling Construction and Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... in that case, the cwt was dealing with revision application under section 25 of the wealth-tax act, 1957. ..... mm virwani [1994] 207 itr 225' wherein hon'ble high court in the context of order framed by the assessing officer under the provisions of section 143(3) under the directions of iac under section 144b held that the directions so issued are of course binding on the income-tax officer under sub-section 5 of section 144b of the act this, however, does not make any difference. ..... decisions is that in abbasbhoy a.dehgamwalla 's case (supra) the hon'ble high court, on a petition of the assessee, by an order refused to grant specific performance of the agreement and in the light of this fact their lordships held that the extinguishment of right of specific performance by the order of the court came to an end right acquired in lieu thereof was only a mere right to sue and according to section 6 of transfer of property act which uses the expression "property of any kind" in the context ..... therefore, in the interest of justice till the pendency and hearing and final disposal of the suit, the court receiver, high court, bombay or some other fit person or proper person be appointed as receiver of said property with all powers under order 40 rule i of the code of civil procedure, 1908 and similar other requests were also made in the .....

Floatglass India Limited Vs. the A.C.W.T., Range 10(1)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)89ITD542(Mum.)

..... provisions of section 3(ea) of wt act may be considered in the light of the abovementioned binding decisions of the hon'ble supreme court and hon'ble bombay high court. ..... company claimed before the ao that certain residential flats belonging to the assessee company were allotted for the residential purpose of its employees and accordingly such flats were exempt from the levy of wealth tax by virtue of section 2(ea) of the wt act. ..... cwt(a) erred in holding that the addl.cwt was justified in assessing the appellant's wealth tax in respect of the resident houses belonging to the appellant and allotted to its employees as 'assets' within the meaning of section 2(ea) of the wt act. ..... 140 taxation 105, wherein it was held that the market value of motor cars for the purpose of wealth tax act can be taken at 80% of the insured value. ..... such flats have been excluded from the ambit of charge of wealth tax with a rider that gross annual salary drawn by the concerned employee should be less than ..... appellant submit that on a proper interpretation of the provisions of section 2(ea) of the act, the cwt(a) should have held that the residential houses are not 'assets' for the purposes of computing the net wealth under the act." 7. ..... commissioners (1921) 1 kb 64 (kb) at page 71, that: '.....in a taxing act one has to look merely at what is clearly said. ..... value was accepted by the ao with following short discussion: "the total wealth of the assessee comprises of value of movable properties being motor cars of .....

Shri Dilip S. Dahanukar Vs. Asst. Com. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD525(Mum.)

..... a valuable right no to be assessed had accrued to the appellant and the high court was not competent to deprive the appellant of the accrued rights : held, rejecting the contention of appellant, (i) on the facts, that the assessment proceeding remained stayed during the entire period from march 17, 1975 to march 31, 1977, by successive order of the court and in view of clause (ii) of explanation 1 to section 153 of the income tax act, 1961, the assessment order dated march 31, 1977, was not barred ..... cit, wherein it was held that in view of section 29(2) of limitation act, the provisions of section 12(3) thereto would apply to the computation of the limitation of the period of one year prescribed for an application for revision filed u/s 25 of the wealth-tax act. ..... the word 'finding' did not include any state of fact contained in a decision irrespective of whether that fact was or was not material to the decision and whether the court or the tribunal, when recording the decision, had any occasion to hear the parties on that question of fact and to record a decision on it instead of merely reciting it as a statement of fat. ..... in this letter, it was communicated that the assessee's writ petition no.3016/99 was likely to come up for final hearing and therefore, the relevant files/records should be immediately sent. .....

Rajendra Kumar Tuli Vs. Eighth Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)1ITD213(Mum.)

..... in a separate order passed under section 35 of the wealth-tax act ("the act")' he considered and accepted the alternative submission of the assessee based on the definition of "asset" in section 2(e) of the act according to which the right to an annuity where the terms and conditions relating thereto preclude its commutation of any portion thereof into a lump sum is excluded from the definition for the years up to ..... this connection is placed on the decision of the punjab high court in cwt v. ..... course of the hearing, counsel shri s.e ..... constitutes an asset required to be included in the balance sheet maintained under that system and consequently when such an asset is omitted in the balance sheet whether it is required to be included by the wto in the computation of net wealth by way of adjustments contemplated under rule 2c of the wealth-tax rules and whether even otherwise it is an asset required to be included as an asset under section 7(1) of the act and our finding is in favour of the contentions of the assessee. ..... year provided the annuity policy incorporation with all the features mentioned in para 2 above.it is common ground that in the present case the conditions mentioned in clauses (i) to (vi) are present and the assessments to income-tax are made in accordance with the instructions contained in this letter.the department, thus, accepted the position that one of the methods of payment of remuneration to film artistes by the producers is through annuity of stipulated amounts .....

Devkumar G. Aggarwal Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)3ITD255(Mum.)

..... in support of his claim for exemption under section 5 of the wealth-tax act, 1957 ('the act') for the above assets, the assessee relied on an order of the tribunal in the case of one shamsunder g. ..... it may be mentioned that in the wealth-tax act as under the estate duty act, there are no provisions with regard to the treatment of assets kept as heirlooms, works of art, etc. ..... that part of the coins and other items in the list belonged to the assessee's brother.reference is made in this connection to the letter addressed to the ito dated 18-3-1975, where it was pointed out that in the wealth-tax returns from the assessment years 1972-73 onwards of the assessee and his four brothers, silver utensils have been disclosed to the extent of 250 kgs. ..... 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- (xii) any works of art, archaeological, scientific or art collections, books or manuscripts belonging to the assessee and not intended for sale ; (xiii) any drawings, paintings, photographs, prints and any other heirloom ..... while under the estate duty act, provisions on the sale of such assets duty is attracted, the exemption under the wealth-tax is unqualified and almost absolute. ..... 19,688, but at the time of the hearing, this was not pressed.6. ..... as pointed out earlier, though highly educated, widely travelled, etc. .....

Ninth Wealth-tax Officer Vs. Abdul Bhai Currimjee

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)8ITD449(Mum.)

..... rule 3 of part ii of schedule i to the wealth-tax act, 1957('the act') lays down that where an assessee is an individual who is not a citizen of india and is not resident in india, the wealth-tax payable by him, computed in accordance with the rates specified in the said schedule shall be reduced by an amount equal to 50 per cent thereof.4. ..... we have considered the rival contentions and the facts on record.section 16(1) lays down that if the wto is satisfied without requiring the presence of the assessee or production by him of any evidence that a return made under section 14 or under section 15 of the act is correct and complete, he shall assess the net wealth of the assessee and determine the amount of wealth-tax payable by him or refundable to him on the basis of such return.10. ..... on the other hand, a certificate issued by the notary public of port louis (mauritius) and singed by the said notary public before the first secretary of the indian high commission at port louis has been filed on behalf of the assessee. ..... besides, explanation 1 does not say that status determined in income-tax proceedings is conclusive evidence about status for wealth-tax proceeding, what the explanation, in substance lays down is that the terms 'non-resident in india' and 'resident but not ordinarily resident in india' would have the same meaning as those terms have in the 1961 act. .....

Wealth-tax Officer Vs. Smt. Dhangauri Gopalji

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)11ITD353(Mum.)

..... the assessment was completed on 22-3-1980 under section 16(3) of the wealth-tax act, 1957 ('the act'). ..... the relevant provision is section 19(2) of the act, which, so far as material, is as follows: where a person dies...after having furnished a return which the wealth-tax officer has reason to believe to be incorrect or incomplete, the wealth-tax officer may make an assessment of the net wealth of such person and determine the wealth-tax payable by the person on the basis of such assessment, and for this purpose may, by the issue of the appropriate notice which would have had to be served upon the deceased person ..... the wto had made an order under section 35 of the act, by which additional wealth-tax on urban immovable property was levied. ..... what all that has been observed there is that section 24b of the indian income-tax act, 1922 ('the 1922 act') which corresponded to section 159 of the income-tax act, 1961 ('the 1961 act') had been inserted in the 1922 act, in the year 1933 because of the decision of the bombay high court in ellis c.reid v. ..... in the course of hearing of these appeals and cross-objections, the department raised an additional ground of appeal, which was to the effect that the executrix had no locus standi to file the appeal before the commissioner (appeals) and that .....

Wallace Flour Mills Co. Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)12ITD577(Mum.)

..... object of either facilitating the reduction or evasion of the liability of the transferor to tax in respect of any income including capital gains arising on the transferor of facilitating concealment of any income or any money or other assets which have not been or which ought to be disclosed by the transferee for the purposes of the indian income-tax act, 1922, the income-tax act, 1961 or the wealth-tax act, 1957.according to the revenue, the above fulfil the conditions precedent laid down in section 269c(1). ..... 900, as provided under section 7(4) of the wealth-tax act, 1957, and the valuation as per rule 1bb of the wealth-tax rules, 1957 would be much lower. ..... 900 as provided under section 7(4) of the wealth-tax act, 1957, and the valuations per rule 1bb would be much lower ; therefore, the question of any avoidance or evasion of wealth-tax also does notarise. ..... vimlaben bhagwandas patel's case (supra), their lordships of the gujarat high court held that the power of acquisition under section 269c is penal in nature and the proceedings are quasi-criminal ..... there was some discussion at the time of hearing that there was no such proposal by the valuation officer but the learned counsel for the appellants produced before us the original report received by the appellants from the district valuation officer, which ..... however, at the time of the hearing of the appeal when it was pointed out that there should be two separate appeals and memoranda, the learned counsel for the appellants, shri .....

First Wealth-tax Officer Vs. S.B. Garware, Huf

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)15ITD711(Mum.)

..... the argument of shri jetly, mainly, was that the wealth-tax act, 1957 ('the act') recognises only the legal ownership and that such legal ownership indisputably existed in the trustees and that since these persons having not been either parties to the assignment deeds dated 26-3-1975 or ..... sought to be applied to attack the assignments dated 26-3-1975 cannot be countenanced for the simple reason that the revenue has not sought to tax the trustees (the legal owners) under the act and, as we see, it is the beneficial owner that is being assessed for wealth-tax in respect of the huf assets including the interest in the trust fund.in any event, in considering the validity of the transfer from the point of section 58, ganga properties ltd. ..... (supra), the question was whether a person holding possession of an immovable property under an agreement for sale was liable to be taxed for income from house property and as held by their lordships of the calcutta high court such income from house property could only be from the date of actual conveyance and not earlier. ..... garware and that the ratification or affirmance of the trustees was long after the assignments and this was violative of the provisions in section 11.it was contended that giving effect to the gift deeds dated 26-3-1975 would amount to modification of the trust, for the trustees would be handing over the corpus to a company which had not been the ..... is common to all the assessments and, hence, was taken up for consolidated hearing.2. .....