Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)16ITD493(Mum.)
..... stood administered on 27-12-1966 when the estate duty had been paid.consequently, according to them the residuary property formed part of the corpus of the trust in question and that they were entitled to exemption under section 5(1)(i) of the wealth-tax act, 1957 ('the act'). ..... of the residuary legatee, the residuary legatee would acquire no interest in the property.during all this interval, the executor of the estate shall have to be charged as executor under section 19a of the wealth-tax act, in the wealth-tax assessments and under section 168 of the income-tax act, 1961, in the income-tax assessments and not as a trustee for any beneficiary under section 21a of the wealth-tax act and section 160(1)(iv) of the income-tax act, respectively.5. in the present case, the executors of the estate filed ..... . it was only after lapse of several years in the year 1979 that they for the first time raised a plea in the wealth-tax assessments that the property comprised in the estate had belonged to the charitable trust in question on the relevant valuation dates ..... . it is clear from this provision that it is only after the assets are distributed to, or applied to the benefit of, the legatee that those assets are treated as vested in the assessee for the purpose of assessment of wealth-tax and that prior to that date they are to be assessed in the hands of the executors of the estate .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD171(Mum.)
..... that, at best, it was a case where the beneficiaries were known and determinate and not a case where the shares of the beneficiaries were known and determinate, the wto has completed the assessment under section 21(4) of the wealth-tax act, 1957 ('the act').3. ..... nizam's family (remainder wealth) trust (supra), the relevant observations being at pages 560-595 and the bombay high court's decision in the case of ced v. ..... finding some discrepancy in the manner of computing the net wealth, however, the commissioner has set aside the assessment with the direction that the assessment should be made again under section 21(4) by properly estimating the value of the immovable properties and redetermination of the life-interest, reversionary interest, etc.4. ..... the assessee's contention that when the aggregate value of the life-interests of the beneficiaries and the remainderman's interest are taxed in the hands of the beneficiaries, there is nothing that can be taxed in the hands of the trustees in view of the decision of the supreme court in the case of cwt v. ..... in this context, we may refer to the observations of the hon'ble supreme court in the case of trustees of h.e.h. ..... reliance in this regard is placed on the decision of the supreme court in the case of trustees of h.e.h. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD189(Mum.)
..... 820 lying in the cds account of the assessee constituted an asset under section 2(e) of the wealth-tax act, 1957, and, therefore, includible in the net wealth of the assessee the remaining parties before us are interveners. ..... 1983] 5 itd 690 requires reconsideration, because the nature of deposit in the compulsory deposit scheme is some sort of a fixed deposit and it is very difficult to infer that such a fixed deposit does not constitute an asset under section 2(e) of the wealth-tax act, 1957 ('the act').2. ..... , the introduction of section 7a in the cds act granting exemption under section 5 of the 1957 act to the compulsory deposits clearly showed the intention of the legislature to grant this specific exemption because the deposits under the compulsory deposit scheme would otherwise not have been entitled to any exemption with regard to the wealth-tax. ..... lordships held as follows : held, reversing decision of the high court, that the right of the assessee in the trust fund was not an 'annuity' and was not exempt from wealth-tax under section 2(e)(iv). ..... this ruling of the calcutta high court was approved by the supreme court in the case of arundhati balakrishna (supra ..... the reference to the special bench became necessary because of conflict of decision between the various benches of the tribunal and the bench hearing the appeal under question was of the opinion that the second decision of the delhi bench in the case of wto v. s.d ..... other interveners were not represented at the hearing.9. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)41ITD458(Mum.)
..... cwt [1991] 189 itr 613, in support of his contention that the appellate authority is entitled to refer the question of valuation to the valuation officer under section 16a of the wealth-tax act, 1957. ..... [1987] 168 itr 82, it was submitted that an appellate authority cannot direct the wealth-tax officer to refer the valuation under section 16a of the wealth-tax act. ..... and declared the value of three unsold flats in the high rise building named shandced at altamount road as under applying rule ibb of the wealth tax rules :-flat no. ..... in our view, the cwt (appeals) has not erred in law in directing the wealth-tax officer to seek the valuation of the disputed properties, in the facts and circumstances of the ..... was also contended that he erred in rejecting the rule 1bb of the wealth tax rules in connection with the value of the immovable properties. ..... he relied upon the decision of the calcutta high court in raja baldeodas birla santaiikosh v. ..... appeal by the assessee is directed against the order dated 31-1-1990 of the commissioner of wealth-tax (appeals) for the assessment year 1984-85.2. ..... the calcutta high court in raja baldeodas birla santatikosh's case (supra) have upheld such actions of the appellate authority ..... relying upon the decision of the madhya pradesh high court in m.v.kibe v. ..... v.ito [1960] 40 itr 298, the supreme court held that an appellate authority can do what the tax officer can do and can also direct him to do what he had failed to do ..... was also held by the supreme court in cit v. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1996)56ITD225(Mum.)
..... contained in section 13 of the finance act, 1960 relating to exemption of companies from levy of wealth-tax under the wealth-tax act, 1957 (hereinafter referred to as the wealth-tax act) wealth-tax shall be charged under the wealth-tax act for every assessment year commencing on and from the 1st day of april, 1984 in respect of the net wealth on the corresponding valuation date of every company not being a company in which the public are substantially interested, at the rate of two per cent of such net wealth: provided that the amount of wealth-tax computed ..... in accordance with the provisions of this sub-section shall, in relation ..... counsel, however, submitted that the aforesaid finding of the supreme court was rendered in the context of the scheme of charging wealth-tax under the wealth-tax act. ..... the abovequoted extract of the decision of the supreme court in the case of t. s. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)83ITD453(Mum.)
..... similarly, the issue before the hon'ble jurisdictional high court in the case of sath gwaldas mathuradas mohata trust (supra) was whether the redemption of preference shares amounted to transfer as per section 2(47) of the income-tax act. ..... that the amount invested in nss is a capital asset under section 2(14) of the income-tax act because "capital asset" means property of any kind held by an assessee. ..... -(1) where an assessee, being- (i) deposited any amount in accordance with such scheme as the central government may, by notification in the official gazette, specify in this behalf (hereafter in this section referred to as the (national savings scheme); or out of his income chargeable to tax, he shall, in accordance with, and subject to, the provisions of this section, be allowed a deduction in the computation of his total income of the whole of the amount deposited or paid (excluding interest or bonus accrued or credited to the assessee's account ..... however, in the year of withdrawal, when the amount withdrawn is taxable as per section 80cca(2), the assessee wants to interpret the above section with the aid of some decisions which were given either under the wealth-tax act or under provisions of income-tax act but in altogether different context.6. ..... (supra), the issue was whether the amount received on redemption of preference shares is dividend under section 2(22) of the income-tax act, 1961. ..... at the time of hearing us, the learned representative for the assessee argued at length. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)8SOT38(Mum.)
..... value contained in section 2(22b) of the income tax act, 1961 does not make any reference to the wealth tax act not even for persons who were assessed to wealth-tax.for these reasons, the assessing officer was not justified in computing the market value of marico shares by employing the break-up method as prescribed under rule 11 of schedule-iii of the wealth tax act, particularly as the said rule stood deleted with effect from 1-4-1993.on the authority of the supreme court of india, the ..... the definition of fmv in the income tax act is in pari materia with the general definition of value of assets, which existed in section 7 of the wealth tax act until 31-3-1989. ..... incidentally, this rule had been deleted with effect from 1-4-1993 pursuant to shares having been excluded from the definition of assets in section 2(e) of the wealth tax act. ..... the decision rendered by the honble karnataka high court in the case of saraswathi estate v. ..... also the decisions rendered by the honble bombay high court in the case of cit v. ..... similarly, the decision rendered by the honble calcutta high court in the case of cit v. ..... cit (1986) 158 itr 799, the calcutta high court, following the above decisions of the supreme court held that for purposes of section 55(2) of the income tax act, the fmv of unquoted shares should be computed as per the yield method.applying the above principles to the facts of the instant case, the commissioner (appeals) held that the market value of marico shares on the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)2ITD566(Mum.)
..... the asses-see has disputed the penalties levied by the wto under section 18(1)(c) of the wealth-tax act, 1957 ('the act'), as sustained by the aag for the five years under consideration.2 ..... the contents of the board's circular and letter referred to earlier, which has the force of instructions under section 13 of the wealth-tax act, the wealth-tax officer could not have proceeded to levy the penalty. ..... be accused of gross and wilful neglect within the meaning of explanation to section 18(1)(c) of the wealth-tax act. ..... on behalf of the revenue, the learned departmental representative has relied on the allahabad high court decision in the case of cit v.chiranji lal shanti swamp [1981] 130 itr ..... in identical circumstances, the three benches had held that the respective assessees were not liable to penalties under section 18(1)(c) or section 271(1)(c) of the income-tax act. ..... is supported by the bombay high court decision in the case of tulsidas ..... also placed on the bombay high court decision in the case of ..... also placed on the kerala high court decision in the case of cit ..... and the punjab and haryana high court decision in case of addl. ..... after completion of the reassessment proceedings, the wto proceeded to levy penalties, under section 18(1), equivalent to the difference in the value of the jewellery as assessed in the original assessments and the value of the jewellery as assessed ..... of the hearing it was submitted that the assessee had not concealed any particulars of her wealth in the original .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)7ITD216(Mum.)
..... the wto had also invoked the provisions of section 21(4) of the wealth-tax act, 1957 ('the act') and had assessed the trusts at the rate of ..... in the case of manager, court of wards (supra) the provisions of section 41(1) of the indian income-tax act, 1922, would be applicable, we do not see how the application of section 21(1) can be resisted in ..... the assessment could be made on the manager, court of wards in relation to the estate and whether the assessment could be made at the maximum rate, the patna high court held that an assessment could be made on the manager, court of wards. ..... heir of the estate holder, one sinha filed a suit against the government and the high court held that there could be no escheat. ..... while rejecting this contention, the high court pointed out : ...on the other hand, it seems to us that what we have to look to, is the provisions of the trust deed which give rise to ..... patna high court was considering a similar situation in the case of manager, court of ..... been made clear by the bombay high court in the case of cit v ..... judgment of the high court by the state government was pending before the supreme court. ..... we were to apply the test given by the supreme court in the above para, we should ask ourselves who ..... we are of opinion that the supreme court's decision would not be helpful on the ..... 598).thus, the supreme court decision is relevant where there are more than, one beneficiary who are identifiable on the valuation date but whose shares are liable for fluctuation at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD645(Mum.)
..... the revenue has filed these appeals against the orders of the commissioner (appeals) holding that the case did not fall in the ambit of explanation 4 to section 18(1)(c) of the wealth-tax act, 1957('the act') and, consequently, in cancelling the penalties levied by the wto under section 18(1)(c) for each of the six years under consideration.2. ..... pal oswal [1978] 112 itr 429 where the learned judges of that high court held that where penalty was cancelled by the appellate tribunal on the finding that there was a bonafide difference of opinion between the assessee and the wto on the question of valuation of shares and that the assessee had discharged the burden laid on him by section 18(1)(c) the tribunal had not made any mistake.6. ..... as to the reliance on behalf of the revenue on the punjab and haryana high court decision in the case of vishwakanna industries (supra) the learned counsel submitted that that decision helped the assessee's case more than the department's ..... , the learned counsel proceeded to invite our attention to the dictionary meaning of the words 'fraud' and 'wilful' as in the commentary on wealth-tax by varma (1982), 2nd edition at pages 589 and 590 of the commentary. ..... during the course of the hearing of the appeals, the learned departmental representative proceeded to support the appeals on the plea that the commissioner (appeals) had proceeded to allow the appeals on wholly irrelevant considerations, such as wilfulness or delibe-rateness or fraudulent behaviour .....
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