Court : Kerala
Reported in : [2010]189TAXMAN225(Ker)
..... . the wealth-tax act, 1957, has far too many exemptions making its administration ..... . a division bench to this court had occasion to consider the scope of drastic amendment introduced to the wealth tax act with effect from 1-4-1995 based ..... contended that construction of building was in progress on the valuation date, that is, 31-3-1998, and so much so the land cannot be treated as urban land under explanation (b) to clause (vi) of section 2(ea) of the act and the first appellate authority upheld the claim of exemption to the assessee, the tribunal on second appeal by the department, reversed the order of the first appellate authority and upheld the assessment by relying on the decision of the karnataka high court in cwt v. giridhar g ..... in the course of assessment for the assessment year 1998-99, the wealth tax officer assessed the value of the land treating it as urban land under clause (v) of section 2(ea) under which 'assets' are defined. ..... . senior counsel sri sarangan appearing for the appellant submitted that karnataka high court judgment has no application to the facts of this case because the building involved in that case was a flat complex and what the karnataka high court held was that urban land on which building was constructed does not qualify for exemption until the building is ..... . the valuation of certain assets such as shares also presents problems, since very high market values reflecting speculative activity can lead to a heavy burden on shareholders who are long .....
Tag this Judgment!Court : Kerala
Reported in : [1993]200ITR366(Ker)
..... and george : [1973]88itr332(ker) and the decisions following the same, taking the view that the individual shares of partners in losses also should be specified in the partnership deed, to enable registration under section 184 of the income-tax act, would apply even in cases where minors are not admitted to the benefits of partnership and there are indications to show that the partners are to share equally. ..... the supreme court referred to the different views expressed by the high courts on the question whether it is essential for registration under section 26a of the act that the shares of partners in the losses must be specified in the partnership deed. in r ..... we find substantial force in the contention of the applicants that so long as no provision derogatory to the provisions contained in section 13(b) of the partnership act obtain in the agricultural income-tax act, 1950, and the income-tax act, 1961, those provisions could be looked into to ascertain the individual shares of the partners in the profit and loss of the ..... in the light of the above discussions, we are inclined to take the view that, where no minor is admitted to the benefits of the partnership, a firm cannot be refused registration either under section 27 of the kerala agricultural income-tax act, 1950, or under section 184 of the income-tax act, 1961, only on the ground that the shares of the individual partners in the loss of the firm have not been specifically mentioned in the instrument of partnership. .....
Tag this Judgment!Court : Kerala
Reported in : [1987]164ITR737(Ker)
..... the income-tax appellate tribunal, cochin bench, has referred the following questions for the decision of this court under section 27(1) of the wealth-tax act, 1957 :'(1) whether, on the facts and in the circumstances of the case, the provident fund held by the assessee-trust could be considered as one to which the provident funds act, 1925, applied by reason of the notification dated september 8, 1977, made by the kerala state government ? ..... facts and in the circumstances of the case, the tribunal was justified in holding that the amounts standing to the credit of each of the subscribers in the provident fund held by the assessee-trust would be exempt from wealth-tax under section 5(1)(xvii) of the wealth-tax act, 1957?' 2. ..... (2) whether, on the facts and in the circumstances of the case, the assessee-trust would be entitled to exemption from wealth-tax in respect of the properties held by it under section 5(1)(xviib) of the wealth-tax act, 1957? ..... the contention raised on behalf of the assessee-trust that the provident fund is wholly exempt from wealth-tax under section 5(1)(xviib) of the wealth-tax act by reason of the said notification was not accepted by the appellate assistant commissioner. .....
Tag this Judgment!Court : Kerala
Reported in : [1996]221ITR401(Ker)
..... section 27(1) of the wealth-tax act, 1957, the petitioner moved the tribunal for reference of the question in pursuance of which the following question has been referred as a common question in all these references :' whether, on the facts and circumstances of the case, the appellate tribunal was right in holding that the value of the assets acquired by the assessee prior to his return to india out of moneys brought by him into india, is not exempt from wealth-tax under section 5(1)(xxxiii) of the wealth-tax act, 1957 ..... apart from clause (xxxiii) of section 5(1) of the wealth-tax act, 1957, which we are required to consider on interpretation, illustratively even the income-tax act (section 10) considers items of income not to be included in the computation of the income with regard to the ..... february 25, 1985 (reported in [1985] 152 itr 227), all with reference to the contention that on a true and correct interpretation and language of section 5(1)(xxxiii) of the act remittances and assets having their origin with reference to the working of the foreigner with an indian origin are required to be exempted from the rigour of the wealth-tax act, 1957.11. ..... of this judgment be caused to be sent to the income-tax appellate tribunal, cochin bench, under the signature of the registrar and the seal of this court. ..... this court has attempted to appreciate the situation in this meaningful manner in the context of the staring realities, keeping intact the well-known canons of interpretation in .....
Tag this Judgment!Court : Kerala
Reported in : [1976]103ITR23(Ker)
..... this is a reference under section 27(1) of thewealth-tax act, 1957, for short, ' the act ', and the question referred isin these terms :'whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the provision made by the assessee towards liability on account of gratuity payable to the workers is an allowable deduction while computing the assessee's net wealth '2. ..... . for the purpose ofthe wealth-tax act there must be actual debt owing on the valuation date.the ruling of the supreme court which we have referred to and which hasbeen followed by the supreme court in the decision in bombay dyeing and. ..... the calcutta high court in the decision in commissioner of wealth-tax v ..... counsel invited our attention to the decision of the gujarat high court in commissioner of wealth-tax v ..... a copy of this judgment under the seal of the high court and thesignature of the registrar will be forwarded to the income-tax appellatetribunal, cochin bench ..... we are not called upon in this case to examine the correctness or otherwise of the view which was taken by the madras high court on the terms of the trust deed ..... . in the case before the madras high court, the question arose from the terms of a trust deed which provided that the company should transfer to a proposed trust a sum of ..... . the high court referred to the decision of the supreme court in standard mills ..... court and the latter of the calcutta high ..... the view taken by the tribunal has been upheld by the high court .....
Tag this Judgment!Court : Kerala
Reported in : [1969]72ITR426(Ker)
..... this is a reference under section 27(3) of the wealth-tax act, 1957, hereinafter referred to as the act, arising out of the wealth-tax assessment of the assessee for the assessment year 1962-63 for which the corresponding valuation date is august 16, 1961. ..... question referred by the income-tax appellate tribunal in the present reference is the following : 'whether, on the facts and in the circumstances of the case, and on a proper construction of section 4(4) of the wealth-tax act, the sum of rs ..... under section 3, the charging section in the act : 'subject to the other provisions contained in this act, there shall be charged for every assessment 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 ..... happened to be included in the previous wealth-tax returns without noting the exemption under section 4(4) of the act. ..... the inclusion of the income from the property in the previous income-tax returns that happened to be included as it was bound to be included under section 16(3)(a)(iii) of the indian income-tax act, 1922. ..... decision was upheld by the appellate assistant commissioner of wealth-tax in the appeal filed before him by the assessee ..... is afforded to us in this matter by the decision of the travancore-cochin high court in eravi pillai v. ..... and the kerala high court in kunhammad v .....
Tag this Judgment!Court : Kerala
Reported in : [1989]179ITR423(Ker)
..... at the instance of the assessee, the income-tax appellate tribunal has referred the following question of law for the decision of this court ;'whether, on the facts and in the circumstances of the case, the tribunal is justified in sustaining the penalty holding that penalty exigible in a case where return is filed in response to the notice under section 14(2) of the wealth-tax act, 1957, within the time allowed after committing a default under section 14(1) ?'2. ..... for the failure or default to file the returns, as enjoined by section 14(1) of the wealth-tax act, the wealth-tax officer initiated penalty proceedings under section 18(1)(a) of the act. ..... is common ground that section 14(1) of the wealth-tax act imposes an obligation on the assessee to file the return of wealth-tax within the statutory period. ..... return was due from the assessee under section 14(1) of the wealth-tax act, for the year 1973-74 on july 31, 1973, and for the year 1974-75 on july 31, 1974, in conformity with the said statutory obligation, the assessee did not file the return ..... the decisions of the andhra pradesh, allahabad, delhi, gujarat, kerala, madras and rajasthan high courts, are relevant in this context -- mullapudi venkatarayudu v. ..... daljit singh and the madhya pradesh high court in mohd. ..... the punjab and haryana high court in cwt v. ..... substantially similar provisions in the income-tax act, namely, section 139(1) and (2) read with section 271(1)(a) of the act, came up for consideration before several high courts. .....
Tag this Judgment!Court : Kerala
Reported in : [1977]107ITR547(Ker)
..... the income-tax appellate tribunal, cochin bench, has drawn up a statement of the case and sent up the following question for opinion of the high court, under section 27 of the wealth-tax act, 1957. ..... 'whether the appellate tribunal is justified in law in holding that at the time of reassessment under section 17(1)(a) of the wealth-tax act the assessee's claim for exemption in respect of agricultural land, which claim he should have made at the time of original assessment but omitted to make, is admissible ?'2. ..... it was of the view that under section 17 of the wealth-tax act, the wealth-tax officer had to assess or to reassess the 'net wealth' under the provisions of the act. ..... the tribunal then pointed out what it considered to be the difference between section 147 of the income-tax act, 1961, and section 17 of the wealth-tax act. ..... the wealth-tax officer subsequently reopened the assessment under section 17 of the wealth-tax act. ..... at the time of hearing the authorised representative did not press this ground when it was pointed out to him that it was not open to the wealth-tax officer to reduce the wealth in the reopened assessment when the appellant had failed to pursue his remedies against the original assessment according to law. ..... but we did not have the advantage of hearing counsel for the respondent who was unrepresented before us.5. ..... we have not had the advantage of hearing counsel for the assessee. .....
Tag this Judgment!Court : Kerala
Reported in : [1977]108ITR689(Ker)
..... , the appellate tribunal is right in law in holding that even for the default continuing after april 1, 1969, in furnishing the return of net wealth for the assessment years 1964-65 and 1965-66 the penalty for every month during which the default continued after april , 1969, is to be computed under the law as it obtained on the 1st april of each assessment year alone, that is, under section 18(1)(i) of the wealth-tax act, 1957, as it stood prior to its amendment by the finance ..... as we read section 18(1)(i) of the wealth-tax act, 1957, as amended, along with the main section 18(1) we find that an offence that had become complete had been changed into a continuing offence and visited with consequences every month for continued default even by the amending act 46 of 1964. ..... income-tax officer : [1974]95itr372(orissa) of the orissa high court will be helpful in determining in what manner the penalty should be imposed for the default to file the return before july 1, 1965, for the year 1965-66. ..... a copy of this judgment under the seal of the high court and the signature of the registrar will be sent to the appellate tribunal, cochin bench. ..... ahamed [1964] 95 itr 599 and this we conceive is the basis of the decision of the madras high court in commissioner of gift-tax v. c. ..... vedlapatla veera venkataramiah : [1943]11itr308(mad) and in full bench decision of this court in commissioner of income-tax v. k. .....
Tag this Judgment!Court : Kerala
Reported in : [1976]104ITR220(Ker)
..... in particular, it was pointed out that the explanation to the reassessment section in the income-tax acts (section 34 of the 1922 act and section 147 of the 1961 act) which provides that production of account books or other evidence before the income-tax officer from which material facts could with due diligence have been discovered, will not necessarily amount to a full and true disclosure within the meaning of the section, was absent in section 17 of the wealth-tax act. ..... the high court held that the notice was invalid as the assessment of income in the hands of the members of the family for the same year had not been set aside, and without doing so, the same income could not be taxed again in the hands of the family by proceeding under section 34. ..... the jurisdiction conferred on the high court under article 226 is not intended to supersede the jurisdiction and authority of the income-tax officers to deal with the merits of all the contentions that the assessees may raise before them, and so it would be entirely inappropriate to permit an assessee to move the high court under article 226 and contend that a notice issued against him is barred by time. ..... the respondent thereupon moved a petition under article 226 of the constitution of the allahabad high court to quash the notice on the grounds: (1) that the income having already been assessed for the year 1955-56 in the hands of the members could not be assessed again as the income of the family; and (2) that as .....
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