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Escorts Ltd. Vs. Commissioner of Income-tax

Court : Delhi

Reported in : [2002]257ITR468(Delhi)

..... in the facts of that case, it was held that the assessed was entitled to refund in terms of section 34a of the wealth-tax act, 1957, in terms whereof such refund is liable to be paid as a result of the order passed in appeals including a rectification proceeding and, secondly, the amount has to be refunded to the assessed 'without his having to make any claim in that behalf.' 12. ..... which arises for consideration in this reference made by the income-tax appellate tribunal, delhi bench 'e', under sub-section (1) of section 256 of the income-tax act, 1961, is as follows :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal had erred in not allowing interest under section 244 on the entire amount of refund irrespective of the fact that the information required by the income-tax officer for giving effect to the order of the appellate assistant ..... the nizam's miscellaneous trust : [1984]150itr423(ap) , a division bench of the andhra pradesh high court was dealing with a matter of refund under the wealth-tax act. ..... aggarwal, learned counsel appearing on behalf of the assessed, would submit that the learned tribunal committed an error in passing the impugned order in so far as it failed to take into consideration that in terms of section 244 of the income-tax act, the interest becomes payable as soon as the refund becomes due and if the same is not paid within a period of three months, interest becomes automatically payable. .....

Escorts Ltd. Vs. Cit

Court : Delhi

Reported in : (2002)175CTR(Del)112

..... in the fact of that case, it was held that the assessed was entitled to refund in terms of section 34a of the wealth tax act, 1957, in terms whereof such refund is liable to be paid as a result of order passed in appeals including a rectification proceeding and secondly, the amount has to be refunded to the assessed 'without his having to make any claim in that behalf.'15. ..... which arises for consideration in this reference made by the tribunal, delhi bench 'e' under sub-section (1) of section 256 of the income tax act, is as follows :'whether, on the facts and in the circumstances of the case, the tribunal had erred in not allowing interest under section 244 on the entire amount of refund irrespective of the fact that the informations required by the income tax officer for giving effect to the order of the appellate assistant commissioner was furnished after the ..... in nizam's miscellaneous trust (supra), a division bench of the andhra pradesh high court was dealing with a matter of refund under wealth tax act. ..... aggarwal, learned counsel appearing on behalf of the assessed would submit that the learned tribunal committed an error in passing the impugned order insofar as it failed to take into consideration that in terms of section 244 of the income tax act, the interest becomes payable as soon as the refund becomes due and if the same is not paid within a period of three months, interest becomes automatically payable. .....

The Commissioner of Wealth Tax, Cochin Vs. Mr.Nazim Zacheria, M/S.Abad ...

Court : Kerala

..... , 1030, 1032, 1119, 1121, 1146, 1231, 1232 &1251 of2012---------------------------------------------------- dated this the 17th day of december, 2014 judgment k.t.sankaran, j.the question involved in these writ appeals is whether the assessee is entitled to interest under section 34a(4b)(a) of the wealth-tax act, 1957, (hereinafter referred to as the 'act') when the assessee had submitted return of self assessment.2. ..... in other words, sub- section (4b) covers every situation where a refund becomes necessary under the provisions of the wealth-tax act and in such cases, simple interest as provided therein would be payable. ..... but refund under sub-section (4b) of section 34a would arise not only in a case where a demand is made under section 30 of the act, but it covers an amount of refund due as provided under clause (ii) of sub-section (1) of section 16 as well. ..... the learned single judge held that the assessee was entitled to interest on refund of wealth-tax, which is under challenge in these writ appeals filed by the revenue.3. ..... accordingly, the assessing officer gave effect to the appellate orders and ordered refund of wealth-tax paid by the assessee in excess of the tax assessed. ..... chapter viia of the wealth-tax act, 1957 deals with refunds. ..... sub-clause (ii) of sub-section (1) of section 16 provides that if any refund is due on the basis of return, it shall be granted to the assessee and an intimation to that effect shall be sent to the assessee. .....

Commissioner of Wealth-tax Vs. Smt. Shashi Agrawal

Court : Allahabad

Reported in : (2005)198CTR(All)305; [2005]276ITR64(All)

..... -75, the income-tax appellate tribunal, new delhi, has referred the following question of law under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act'), for the opinion to this court :'whether, on the facts and circumstances of the case, the appellate tribunal was correct in holding that interest under section 34a(3a) of the wealth-tax act is allowable on refunds paid after march 31, 1975, where the payment made prior to march 31, 1975, under section 15b of the wealth-tax act are adjusted against the wealth-tax demands on the ..... whether the tribunal was correct in holding that the payments made under section 15b should be deemed to be payment in pursuance of the orders of assessments and will qualify for interest under section 34a(3a) of the wealth-tax act in respect of the assessment years 1971-72, 1975-76 to 1977-78 ?2. ..... sub-section (3a) of section 34a of the act provides for payment of interest on refunds which reads as follows :'(3a) where the whole or any part of the refund referred to in sub-section (3) is due to the assessee as a result of any amount having been paid by him after the 31st day of march, 1975, in pursuance of any order of assessment or penalty and such amount or any part thereof having been found in appeal or other proceeding under this act to be in excess of the amount which such assessee is liable to pay as tax or penalty .....

Nasser Zackeria, M/S Abad Fisheries, Kochi Vs. the Commissioner of Wea ...

Court : Kerala

..... in the above circumstances, the impugned orders are set aside and it is declared that the petitioners are entitled to get interest on refund as provided under section 34a (4b)(a) of the wealth tax act, 1957. ..... , while passing ext.p7 order in revision, stating that, the provisions considered by the apex court do not relate to an assessment order commencing on or after 01.04.1989, and that the assessees claim was for payment of interest under section 34a (4b)(a) of the wealth tax act, 1957 introduced w.e.f. ..... when any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed under the wealth tax act, 1957, the assessing officer shall serve upon assessee, a notice of demand in the prescribed form specifying the sum so payable, as provided under section 30 of the act. ..... s.34a(4b) (a)where refund of any amount becomes due to the assessee under this act, he shall, subject to the provisions of sub-section, be entitled to receive in addition to the said amount, simple interest thereon calculated at the rate of one half per cent for every month or part of a month comprised in the period or periods from the date or, as the case may be, dates of payment of the tax or penalty to the date on which the refund is granted. .....

Director of Income Tax Vs. Escorts Employees Welfare Trust

Court : Delhi

Reported in : [2002]124TAXMAN340(Delhi)

orderthis appeal under section 27a of the wealth tax act, 1957 (hereinafter referred to as 'the act') is directed against the consolidated order dated 27-9-2000 passed by the tribunal, delhi bench 'f', in wt appeal nos. ..... by the impugned order, the tribunal has upheld the view taken by the commissioner (appeals) directing the assessing officer to allow to the assessed interest under section 34a(3a) of the act on the refund from the date of payment of tax under section 15b of the act.since, in our view, the issue proposed to be raised by the revenue is no longer res integra, it is unnecessary to state the facts.3. ..... court has held as under :'(ii) if any tax is paid pursuant to an assessment order after 31-3-1975 (which will include tax deducted at source and advance tax to the extent the same has been retained and treated by the income tax officer as payment of tax in discharge of the assessed's tax liability in the assessment order), becomes refundable wholly or in part as a result of any appellate or other order passed, the central government will have to pay the assessed interest on the refundable amount under section 244(1a). ..... for the purpose of this section, the amount of advance payment of tax and the amount of tax deducted at source must be treated as payment of income-tax pursuant to an order of assessment on and from the date when these amounts were set off against the tax demand raised in the assessment order, in other words, the date of the assessment order. .....

Trustees of H.E.H. the Nizam's Miscellaneous Trust Vs. Commissioner of ...

Court : Andhra Pradesh

Reported in : (1985)44CTR(AP)223; [1984]150ITR423(AP)

..... whether the liability to pay interest on the amount of tax ordered to be refunded is absolute under section 34a(3) of the act after the expiry of the period of six months from the date of the order and ..... trustees of the petitioner-trust filed wealth-tax returns for the assessment years 1957-58 to 1972-73. ..... the other assessment years, the 2nd respondent instead of giving effect to the appellate tribunal's order and issuing a modification order at least on the lines on which he had passed the modification order in respect of the years 1957-58 to 1959-60, entered into further correspondence and while keeping the matter pending proceeded to complete the assessments of wealth for the subsequent years. ..... where, as a result of any order passed in appeal or other proceeding (including a recitification proceeding) under this act, refund of any amount becomes due to the assessee, the wealth tax officer shall, except as otherwise provided in this act, refund the amount to the assessee without his having to make any claim in that behalf. ..... (3) where a refund is due to the assessee in pursuance of an order referred to in sub-section(1) and the wealth tax officer does not grant the refund within a period of six months from the date of such order, the central government shall pay to the assessee simple interest at twelve per cent per annum on the amount of refund due from the date immediately following the expiry of the period of six months aforesaid to the date on which the refund is granted.' .....

Commissioner of Wealth-tax Vs. D. Krishna Murthy

Court : Chennai

Reported in : [2000]243ITR509(Mad)

..... 89 of 1994 is set out as under :'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in valuing the entire property by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to hindu undivided family at rs. ..... the appellate authority and the tribunal have held that section 7(4) of the wealth-tax act is the appropriate provision to be applied for valuing the land and building. ..... 6,53,054 by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to the hindu undivided family at rs. ..... the income-tax officer had sought to value the land and building separately by applying rule 1bb while the assessee invoked section 7(4) of the wealth-tax act, as it then stood, as the building was used by him as a residential house and had been so used by him in the 12 months immediately preceding the assessment year. ..... house, the superstructure of which is owned by the assessee in his individual capacity and the land on which the building stands is owned by the assessee as karta of the hindu undivided family could be valued by applying the provisions of section 7(4) of the wealth-tax act ?'5. ..... to put up a residential building thereon, and that building has been assessed as an asset belonging to him as an individual, while the land on which it is constructed has been assessed as an asset of the hindu undivided family for the purpose of wealth-tax. .....

Commissioner of Wealth-tax, Gujarat Vs. Raipur Manufacturing Company L ...

Court : Gujarat

Reported in : (1963)0GLR741

..... this reference under section 27(1) of the wealth-tax act, 1957, raises some interesting and important questions relating to the construction of section 2(m) and section 7of the wealth-tax act which have been argued with considerable vigour and ability by both the sides ..... (2) whether, on the facts and in the circumstances of the case, when the net value of the assets of the business as a whole is determined under section 7(2)(a) of the wealth-tax act, 1957, the value of depreciable assets in the case of a limited company ought invariably to be so adjusted as to substitute the written down value of such assets for income-tax purpose for the value shown in the company's balance-sheet? ..... 11,40,755 being the provision for taxation is liable to be allowed as a deduction under the provisions of section 2(m) of the wealth-tax act, 1957, as debt owed by the assessee on the valuation date?' 72. ..... 11,40,755 being the provision for taxation is liable to be allowed as a deduction under the provisions of section 2(m) of the wealth-tax act, 1957, as debt owned by the assessee on the valuation date? ..... commissioner desires that we should frame the questions in the following for : '(1) whether, on the facts and in the circumstances of the case, the provision for income-tax which may become due on the profits of the previous year ending on the relevant valuation date is a debt owed by the assessee on the valuation date within the meaning of section 2(m) of the wealth-tax act, 1957 (as amended in 1959)? .....

Commissioner of Wealth Tax, Gujarat-iii, Ahmedabad Vs. Ellis Bridge Gy ...

Court : Supreme Court of India

Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626

..... the idea behind introduction of the new section 21aa was explained in the following words:'21.1 under the wealth tax act, 1957, individuals and hindu undivided families are taxable entities but an association of persons is not charged to wealth tax on its net wealth. ..... mammed kayi, : [1981]129itr307(sc) in that case, the question was whether mapilla marumakkathayam tarwards of north malabar -- muslim undivided families governed by the marumakkathayam act (madras act 17 of 1939) -- fell within the expression 'individual' and were assessable to tax under section 3 of the wealth tax act, 1957.24. ..... section 8 of the wealth tax act provides that the income tax authorities specified under section 116 of the income tax act shall be the wealth tax authorities for the purposes of the wealth tax act and every such authority shall exercise the powers and perform the functions of the wealth tax authority in respect of any individual, hindu undivided family or a company, and for this purpose his jurisdiction shall be the same as he had under the income tax act by virtue of orders or directions issued under section 120 of that act or under any .....