Court : Kerala
Reported in : (1996)136CTR(Ker)319; [1997]225ITR391(Ker)
..... this arises out of a reference under section 27(1) of the wealth-tax act, 1957, by the tribunal of the following question for our answer :' whether, on the facts and circumstances of the case, the tribunal was correct in law in holding that the industrial subsidy received by the assessee was a contingent ..... thus, at the time the assessee received the amount, it was income and consequently wealth of the assessee and naturally consequently it goes to the formation of the assets of the assessee. ..... it was further submitted that the subsidy would become the wealth of the assessee only after the completion of five years of production from the date of the subsidy or the commencement of the production of the unit, whichever is later. ..... a copy of this judgment under the seal of the court and the signature of the registrar shall be forwarded to the income-tax appellate tribunal, cochin bench, as required by law. ..... such a claim for deduction on the basis of the contention that it is a contingent liability was rejected by this court and in the process reliance is placed on two supreme court decisions in bombay dyeing and . v. ..... this court has already observed that the two decisions of the apex court conclude the matter observing that such a liability cannot be considered as a contingent liability, and that it is a definite, ascertained and present liability in the context of the situation. ..... apart therefrom, the question came up for decision before this court in cit v. k. .....
Tag this Judgment!Court : Kerala
Reported in : (1987)64CTR(Ker)176; [1987]168ITR46(Ker)
..... 20 to 23 of 1983 :'(1) whether, on the facts and in the circumstances of the case, the agricultural property contributed to the firm by the assessee as his share of capital is ' agricultural land belonging to the assessee ' under section 5(1)(iva) of the wealth-tax act, 1957 ? ..... 212 to 214 of 1984, at the instance of the revenue, the following question has been referred by the income-tax appellate tribunal, for the decision of this court:'whether, on the facts and in the circumstances of the case, the assessee is entitled to exemption under section 5(1)(iva) of the wealth-taxact, 1957, in respect of a movable asset, viz. ..... the appellate tribunal has referred to the said decision of the karnataka high court as also a few other decisions which have followed the said decision. ..... chidambaram pillai : [1977]10itr292(sc) and other relevant decisions, a bench of the karnataka high court in the decision in cwt v. ..... a copy of this judgment under the seal of this court and the signature of the registrar shall be forwarded to the appellate tribunal as required by ..... the income-tax appellate tribunal has referred the following questions of law, for the decision of this court, at the instance of the revenue in itr ..... adverting to the decision of the supreme court in addanki narayanappa v. ..... appellate tribunal referred the above questions, in the above cases, for the decision of this court.4. ..... , the revenue moved the appellate tribunal for referring the above questions of law for the decision of this court. .....
Tag this Judgment!Court : Kerala
Reported in : [1998]232ITR81(Ker)
..... these are references under section 27(1) of the wealth-tax act, 1957, and with regard to the assessment years 1970-71 and 1971-72, ..... is also observed that the tribunal therein also took into consideration the vicissitudes of the litigation and the imponderables involved on the respective dates when the high court and the supreme court decided the matter and fixed different values for the asset on the different valuation dates reckoning the above aspects. ..... for the assessment year 1971-72 was proper, in view of the various litigation proceedings pending before the courts, and especially in view of the fact that the applicant was unable to execute the decree ?'2. ..... basic question is taken up for consideration by this court to conclude the position once and for all. ..... copy of this moment under the seal of this court and the signature of the registrar shall be forwarded to the income-tax appellate tribunal. ..... in the process of reasoning, this court has observed that the valuation of the asset, that is the decree obtained by the assessee was determined by the tribunal after reckoning the realities of the situation and on an appraisal of all the ..... in the said judgment, this court has observed that it cannot be doubted that the decree is an asset and that it is a transferable property which has a money value and, therefore, it has to be estimated in terms of money value to be included as an asset on the respective ..... 243 referred to above, by the judgment of this court dated february 23, 1989. .....
Tag this Judgment!Court : Kerala
Reported in : [1997]226ITR264(Ker)
..... 113 and 114 of 1992) arise out of the proceedings under the wealth-tax act, 1957, relating to the years 1983-84 and 1984-85.2. ..... further, the assessee, for the purpose of the income-tax act and, consequently, the wealth-tax act, has the status of a resident, but not an ordinary resident.8. ..... whether, on the facts and in the circumstances of the case, (i) should not the tribunal have considered the question adverting only to section 10(4a) of the income-tax act, section 2(q) of the foreign exchange regulation act and relevant provisions of the income-tax act without adverting at all to section 2(p) of the foreign exchange regulation act ? ..... similar would be the question on the strength of the extension of logic as to whether such money would be includible as wealth under the wealth-tax act. ..... whether, on the facts and in the circumstances of the case, should not the tribunal have considered the question only under section 6 of the wealth-tax act read with the relevant provisions of the income-tax act and section 2(q) of the foreign exchange regulation act ? 3. ..... a copy of this judgment, under the seal of the court and the signature of the registrar, shall be forwarded to the income-tax appellate tribunal, cochin bench, as required by law. ..... after hearing the submissions of learned senior counsel for the revenue and also of learned counsel for the assessee in these proceedings, answers to the question would be found in a narrow compass.4. .....
Tag this Judgment!Court : Kerala
Reported in : [1988]171ITR562(Ker)
..... the assessee had also filed returns under the wealth-tax act, 1957, disclosing the amount realised by relinquishment of his right as co-owner in respect of the 13 cents ..... questions have been referred to us by the income-tax appellate tribunal, cochin bench :' (1) whether, on the facts and in the circumstances of the case, the reopening of the assessment under section 147(a) of the income-tax act, 1961, is valid ? ..... , on which the new woodlands hotel had been constructed, is liable to be taxed under section 45 of the income-tax act, 1961 ' 2. ..... assessee, being his share of the difference between the market value of the properties of the ernakulam firm and their book value, on his retirement from the said firm on november 25, 1970, is not liable to be taxed under section 45 of the income-tax act, 1961 ? ..... the above question is answered in the negative, whether, on the facts and in the circumstances of the case, it is open to the department to contend at the appellate stage that the reopening of the assessment is justified under section 147(b) of the income-tax act, 1961 ? ..... the second question is answered in the affirmative, whether, on the facts and in the circumstances of the case, the reopening of the assessment under section 147(b) of the income-tax act, 1961, is valid (4) whether, on the facts and in the circumstances of the case, rs. ..... of this judgment under the seal of the high court and the signature of the registrar shall be forwarded to the income-tax appellate tribunal, cochin bench. .....
Tag this Judgment!Court : Kerala
Reported in : [1997]227ITR812(Ker)
..... this view was taken by interpreting section 7(1) and holding that there is nothing in the language of section 7(1) of the wealth-tax act, which permits any deduction on account of expenses of sale which may be borne by the assessee if he were to sell the assets in question in the ..... section 7 of the wealth-tax act as it stood before the amendment in the year 1989 provided that subject to any rules made in this behalf, the value of any asset, other than cash, for the purposes of this act, shall be estimated to be the price which in the opinion of the assessing officer, it would fetch if sold in the open market on ..... as per the terms of the acquisition of the leasehold interest in a plot of land before it reached the hands of the respondent would form part of the price of the land for the purpose of computation under section 7(1) of the wealth-tax act. ..... whether, on the facts and in the circumstances of the case and in view of the legal position that the wealth-tax officer can and had rightly taken the balance in the assessee's name in the books of the company which will come under movable assets, and also in view of the legal position that the wealth-tax officer need not look into the recoverability of a particular account balance, the tribunal is right in law and ..... the allahabad high court held that when the intention of the parties is to create a liability in perpetuity not capable of being redeemed absolutely at any time, the transaction cannot be ..... under the wealth-tax act, 1957. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1962Ker110
..... section 3 is the charging section and it imposes the wealth-tax as follows :'subject to the other provisions contained in this act, there shall be charged for every financial year commencing on and from, the first day of april, 1957, a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the rate or rates specified in the schedule'.5. ..... speaking with respect, we are unable to agree that the scope of entry 86 can be 90 curtailed.the distinction between a tax on the capital value of lands and buildings as an asset and a tax on lands and buildings on the basis of their capital value, which was expounded by the bombay high court in air 1954 bom 188 was noticed by the learned judge. ..... 3875 of 1961 was filed on behalf of the petitioner supported by an affidavit, stating that the matter had been fully argued by the opposing counsel, reiterating the stand taken at the hearing that that classification has no relation to the object of the act and requesting the court 'to place on record this (the) affidavit also and dispose of the matter in issue in the light of what is stated therein. .....
Tag this Judgment!Court : Kerala
Reported in : [1986]160ITR23(Ker)
..... heard the counsel for the revenue and the counsel for the assessee, we are satisfied that there is no ground for compelling a reference under section 27(3) of the wealth-tax act, 1957. ..... section 17(1)(b) of the wealth-tax act reads as follows ..... power of the wealth-tax officer under section 17(1)(b) of the act is a restricted ..... not been shown any such statutory rule or requirement to be followed while computing the value of the property for the purpose of assessment under the wealth-tax act. ..... whether, on the facts and in the circumstances of the case and in view of the findings that the wealth-tax officer 'himself' had 'perused the records' and had 'come to the conclusion' on the basis of 'the alternative method', is the tribunal right in holding that 'this would only amount to a change of opinion and nothing more ' ..... the tribunal havingdisagreed with this approach made by the wealth-tax officer, this writ petition has been filed to compel a reference of the questions of law alleged to arise out of the order of the ..... the revenue having failed to make out an arguable case, we hold that no question of law for reference to this court arises out of the order of the tribunal and, in that view, the writ petition is dismissed ; we do not, however, make any order as to ..... sought to be referred to this court are the following : ' 1. ..... for the revenue cited the decision of the supreme court in state of kerala v. p. p. ..... has been made abundantly clear by the decisions of the supreme court in cit v. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1965Ker101; [1964]54ITR50(Ker)
..... of this judgment under the seal of thehigh court and the signature of the registrar will beforwarded to the appellate tribunal as required by sub-section (6) of section 27 of the wealth-tax act, 1957. ..... section 2(d) of the wealth-tax act, 1957, defines the expression 'assessment year'; the definition is:*' 'assessment year' means the year for which tax is charegable under section 3'.the second contention on behalf of the assessee is that every financial year is not an 'assessment year' and that a year 'for which tax is chargeable under section 3' means a year of actual liability to pay a certain amount by way of tax under tha act ..... a reference by the income-tax appellate tribunal, madras bench, under section 27(1) of the wealth tax act, 1957. ..... in this case is based on section 45 of the wealth-tax act, 1957. ..... to the wealth-tax act, 1957, specl-ies the rates of wealth-tax. ..... 'tribunal has invoked the provisionextracted above and held that the wealth-tax act, 1957will not apply to the assesses -- the travancore-cochinchemicals [private) limited -- in respect of the assessment years 1957/58, 1958-59 and 1959-60. ..... section 3 of the actsays :'subject to the other provisions contained in thisact, there shall be charged for every financial year com-(sic) on and from the first day of april, 1957, a tax(hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family, and company at the rate or rates specified in .....
Tag this Judgment!Court : Kerala
Reported in : [1991]191ITR346(Ker)
..... the income-tax appellate tribunal, cochin bench, has referred the following question of law to this court under section 27(1) of the wealth-tax act, 1957 ('the act' for short) :'whether, on the facts and in the circumstances of the case and having regard to the mandatory provisions of rule 1d, the tribunal is justified in interfering with the valuation of shares by the wealth-tax officer ?'2. ..... : [1983]139itr357(mad) of the madras high court have taken this view which we have taken. ..... in doing so, this court followed the decisions of the high court of allahabad in cwt ..... in that case, the high court of bombay had taken the view that rule 1d was not mandatory, but only ..... this court did not, at the time it rendered the decision in mamman varghese : [1983]139itr351(ker) , have the advantage of seeing the decision of the high court of bombay in kusumben ..... same view had been taken by the high court of madras ink. m. ..... tribunal disagreed with this contention and followed the decision of the high court of bombay in kusumben d. ..... : [1980]124itr799(bom) of the bombay high court and in k. m. ..... accountancy principles on the point have been referred to and discussed at length by the bombay high court 'in kusumben d. ..... in the light of the decisions of the allahabad high court, the bench did not also find its way to accepting the opinion expressed in volume i of the fifth edition of sampath iyengar's treatise on the three new taxes that rule 1d should be understood as being directory and not mandatory.21 .....
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