Court : Kerala
Reported in : [1998]231ITR37(Ker)
..... it is neither inconsistent with section 7(1) of the wealth-tax act, 1957, nor does it travel beyond the purview of section 7(1) of the act. ..... the income-tax authorities--the first appellate authority--took up the question for consideration of reopening of the assessment under section 17(1)(a) of the wealth-tax act, 1957. ..... this was in connection with the process of valuation of unquoted equity shares in the context of the rigour of rule 1d of the wealth-tax rules, 1957, even though we were concerned with the aspect of cancelling the reassessment in proceedings under section 16(1)(b) of the gift-tax act, 1958, which are pan materia as regards the applicability of the decision of the apex court. ..... the assessments were reopened under section 17(1)(a) of the wealth-tax act on the basis of reason to beleive that by reason of theomission or failure on the part of any person to disclose fully and truly placing all material facts necessary for the assessment of his net wealth leading to the escapement of assessment in regard thereto. ..... whether, on the facts and in the circumstances of the case, the appellate tribunal was justified in law in holding that the reopening of the assessment was valid, warranted and/or sustainable under section 17(1)(a) of the wealth-tax act ? 2. ..... after hearing counsel for the parties we find that we had an occasion to consider the position with regard to both the questions in our judgment dated june 26, 1996, in i. t. r. no. .....
Tag this Judgment!Court : Kerala
Reported in : [2004]269ITR167(Ker); 2004(2)KLT914
..... income-tax appellate tribunal, cochin bench has referred the following question of law for decision by this court under s.26(l) of the gift tax act (for short 'the act') at the instance of the assessee:'whether on the facts and in the circumstances of the case, the appellate tribunal was justified in holding that the valuation of the gift of the shares for the assessment year 1991-92 was to be made under section 6 of the gift-tax act in accordance with schedule iii of the wealth tax act?'2. ..... senior counsel referred to the provisions of section 6(1) of the act as amended with effect from 1.4.1989 and schedule ii of the act as also schedule iii of the wealth tax act inserted by the direct tax laws (amendment) act, 1989 with effect from 1.4.1989, particularly rule 11 thereof ..... , from the assessment year 1992-93 onwards only, the value of the property as on the date of transfer under section 4(1)(a) can be determined in the manner provided in schedule ii to the act which in turn refers to schedule iii to the wealth tax act can be applied and not for the earlier years.13. ..... schedule ii to the act introduced with effect from 1.4.1993 by the finance act 1993, rule 1 thereof provides that subject to the provisions of rules 2 to 7 the value of any property other than cash transferred by way of gift shall, for the purposes of the act, be determined in accordance with the provisions of schedule iii to the wealth tax act, 1957 which shall apply subject to modifications contained in the rule .....
Tag this Judgment!Court : Kerala
Reported in : (1995)123CTR(Ker)93; [1995]213ITR820(Ker)
..... for the years 197g-77 and 1977-78, the tribunal shall state a case and refer the following question of law for the decision of this court under section 27(3) of the wealth-tax act, 1957 :' whether, on the facts and in the circumstances of the case, the tribunal is right in law and fact in deleting -- (i) the addition of rs, 1,48,000 being the value of the mangalore property ;(ii) the addition of rs, 19,52,190 being ..... the commissioner was affirmed by the tribunal and the commissioner has sought reference of the questions arising therefrom which are similar to the ones raised in the income-tax matters for the opinion of this court under section 27(3) of the wealth-tax act. ..... the income-tax act, 1961, or under the wealth-tax act, 1957. ..... and 12169 of 1991, 13251 of 1992, 12790, 13297, 14909 and 16632 of 1993 and 738 and 998 of 1994, the income-tax appellate tribunal, cochin bench, is directed to state a case and, refer the following question of law for the determination of this court under section 256(2) of the income-tax act, 1961, namely : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was justified in deleting the addition ..... was also subject to assessments under the wealth-tax act for the years 1976-77 and 1977 ..... , mention that we are not expressing any opinion on the impact of the act in relation to wealth-tax assessments as the only point for consideration in the two petitions relating to wealth-tax is whether a referable question of law arises. .....
Tag this Judgment!Court : Kerala
Reported in : [2000]242ITR728(Ker)
..... order for reference was made by the division bench while considering a reference under section 27(1) of the wealth-tax act, 1957 (in short 'the act'). ..... and 60 (coch) of 1985 dated june 11, 1988), the assessee is entitled to exemption under section 5(l)(xxxiii) of the wealth-tax act, 1957 2. ..... 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--. . . ..... before the addition of the expression 'within one year immediately preceding the date of his return and at any time thereafter' and explanation 2 which were simultaneously inserted - by the finance act, 1986 (act 23 of 1986 (see [1986] 159 itr 17), with effect from april 1, 1987, and april 1, 1977, respectively, the position appears to be in line with the stand taken by ..... the matter was challenged before the commissioner of wealth-tax (appeals), calicut (in short 'the cwt (a)'), who held that the assessee would be entitled to exemption under the ..... for the respondent-assessee, however, submitted that such a narrow interpretation is not in line with the legislative intent and in any event the decision of this court has correctly taken note of the position.3. ..... as observed by the apex court in hariprasad shivshanker shukla v. ..... the court will disregard such a belief or assumption and also the provision inserted on that belief ..... correctness of the judgment rendered by this court in dr. v. p. .....
Tag this Judgment!Court : Kerala
Reported in : (1998)149CTR(Ker)299; [1998]233ITR475(Ker)
..... filing of the returns will be regularised by issue of formal notices under section 148 of the income-tax act/section 17 of the wealth-tax act. ..... ) of 1991--assessment year 1982-83 : whether, on the facts and in the circumstances of the case and considering the search conducted in the premises of the assessee under section 132 of the income-tax act, is the appellate tribunal right in law in holding that the revised return filed by the assessee subsequent to the search is to be considered as a return under the amnesty ..... ' the assessee contended before the assessing officer that during the search operation nothing was seized ; no concealment was detected ; no action was taken under section 147 for any of the assessment years and, therefore, he should not be deprived of the benefit of the amnesty scheme simply on the ground that a search operation was conducted on his premises on february 23, ..... a search may be conducted on a few premises of an assessee and to take advantage of the amnesty scheme, the assessee may declare the income or wealth, which he kept at different premises, which was not detected to by the raiding party at the time of search and from which no concealment was detected ..... to the direction under section 256(2) of the income-tax act, 1961 (briefly, 'the act'), the income-tax appellate tribunal, at the instance of the revenue, referred the following questions relating to the consecutive assessment years 1982-83 to 1984-85 for the opinion of this court :'question in r.a. no .....
Tag this Judgment!Court : Kerala
Reported in : [1998]232ITR824(Ker)
..... this awareness was within the knowledge of the commissioner of income-tax in view of the provisions of section 3(4) of the income-tax act ; (d) the law as laid down by the allahabad high court as reported in rattan lal ved prakash v. ..... hence there was loss of revenue on account of change of previous year and the income-tax officer was justified in refusing to grant the change is vitiated in law inasmuch as it was based on an unsigned piece of paper purported to be showing the surtax liability which was handed over by the departmental representative at the time of hearing and which was not produced nor relied on before the lower authorities and by acting illegally and without jurisdiction in accepting the same ? 2. ..... on the basis of a computation sheet filed by the departmental representative before the tribunal at the time of hearing, the tribunal tookthe view that there would not be any surtax liability for the assessment year 1982-83, if the assessee's request for change of the previous year is allowed and the surtax liability for ..... it is contended by learned counsel for the assessee that the procedure adopted by the tribunal in accepting certain work-sheets produced before the tribunal by the departmental representatives at the time of hearing is not according to the rules and, therefore, such action has to be deprecated. ..... no reliance should have been made on the unsigned work-sheets produced at the time of hearing before the tribunal. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1960Ker345; [1961]42ITR631(Ker)
..... the learned advocate for the department has argued that section 2(2) of the income-tax act defines 'assessee' to be a person by whom the tax is payable; that it is wide enough to cover the heir, who has the deceased assessee's assets in hands, because such a person is liable to pay the tax under section 24(b)(1) : that section 46(1) having used the word 'assessee' would authorise the department to impose the penalty, the definition of the assessee being wide enough to include the heir who ..... who are liable to pay, and that difference extends to sections 45 and 46, because the three sections are interlocked, with the result that in the context the word 'assessee' in section 46 does not cover the other person who is liable to pay.there are decisions that under the income-tax act proceedings to levy penalty are different from assessing the tax, and with no express provision in the act that casts the liability on the heir, the legal ..... 53,810-13-0 and was to be realised by two equal instalments on march 30, and april 30, 1955.demands under section 29 of the income-tax actwere made from the assessee's son, and the noticeunder section 29 of the income-tax act was served onthe legal representative on 7-1-1955. ..... of the tribunal to be correct, and would answer the question referred to us by saying that penalty proceeding against the legal representative is not valid.let this answer be sent, and the heir will be entitled to costs of this court with counsel's fee whichwe will fix at rs. .....
Tag this Judgment!Court : Kerala
Reported in : (2004)188CTR(Ker)100; [2004]268ITR344(Ker); 2004(2)KLT202
..... thus :'52a fee on memorandum of appeal against the order of income-tax tribunal or wealth-tax tribunal--notwithstanding anything contained in section 52, the fee payable on a memorandum of appeal filed before the high court against the order of tribunal or the wealth-tax tribunal, under the it act, 1961 (central act 43 of 1961) or the wt act, 1957(central act 27 of 1957), as the case may be, shall be at the rates specified in sub-item (c) of item (iii) of article 3 of schedule ii'.sub-item (c) of item (iii) of article 3 of schedule ii reads as follows:'(c) from an order of ..... the appellate tribunal under the it act, 1961 or the wt act, 1957(a) where the total income ..... section 52a of the court fees act clearly says that the fee payable on a memorandum of appeal filed before the high court against the order of the itat or wealth-tax tribunal under the it act, 1961 or the wt act, 1957 as the case may be, shall be at the rates specified in sub-item (c) of item (iii) of article 3 of schedule .....
Tag this Judgment!Court : Kerala
Reported in : [1999]235ITR318(Ker)
..... he was an assessee under the indian income-tax act and wealth-tax act on the file of the income-tax officer, b-ward, circle-i, calicut. ..... he was in arrears of income-tax, wealth-tax and interest thereon amounting to rs. ..... according to him, under rule 8 of schedule ii to the income-tax act, it was the duty of the department to adjust the amount got by auction towards the arrears and to return the balance amount to the defaulter. ..... but at the time of conducting the public auction on february 7, 1989, it was clearly mentioned that the liability in respect of the decree of the court will be cleared by the department out of the sale consideration received from the auction money. ..... learned counsel for the appellant was correct in submitting that normally under rule 8 of schedule ii, the income-tax officer has to return the excess amount after adjusting the amount due to the department. ..... 4,09,673.80 was already in deposit in that court and that jolly thomas had prior charge over that amount as that property was one of the two immovable properties given as security to the decree-holder.3. ..... the court ordered that the tax recovery officer would pay her the amount due as per the decree with interest as ordered by the subordinate judge. ..... after hearing the parties, we are of the view that the appellant's contention cannot be accepted. ..... jolly thomas filed a petition requesting the tax recovery officer to set aside the sale or in the alternative to pay her a sum of rs. .....
Tag this Judgment!Court : Kerala
Reported in : [2001]122STC1(Ker)
..... .' dealing with the validity of section 5(3) of the rajasthan sales tax act, the supreme court held as follows: 'a comparison of the provisions contained in subsection (3) of section 5 read with section 2(t) and sub-section (1) of section 5 read with section 2(s) would indicate that in relation to works contracts the legislature has made a departure in the matter of charge ability of the tax and by using the expression 'turnover' instead of 'taxable turnover' in section 5(3) it has enlarged the field of taxability to permit tax being levied on sales in the course of inter-state trade or ..... held as follows : 'we are, therefore, unable to uphold the decision of the high court in this regard and it must be held that sub-section (3) of section 5 transgresses the limits of the legislative power conferred on the state legislative under entry 54 of the state list inasmuch as it enables tax being imposed on deemed sales resulting from transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract which take place in the course of inter-state trade or ..... . hence, we quash exhibit p8 and direct the assessing officer to pass fresh assessment orders in accordance with law after giving an opportunity to the assessee to produce fresh documents, if any, and after hearing the assessee .....
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