Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 34a refunds Court: kerala Page 1 of about 39 results (0.569 seconds)

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. .....

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. .....

Abdul Sathar Haji Moosa Sait Dharmastapanam Vs. Commissioner of Income ...

Court : Kerala

Reported in : [1988]169ITR84(Ker)

..... the power of the appellate assistant commissioner under the wealth-tax act is as wide as it is in the case of his counterpart under the income-tax act, 1961 : (see section 23 of the wealth-tax act, 1957, and sections 250 and 251 of the income-tax act, 1961). ..... sub-section (5b) of section 23 of the wealth-tax act, 1957, and sub-section (6) of section 250 of the income-tax act, 1961, are identical. ..... it is claimed that a portion of this wealth is held under trust for charitable or religious purposes and is, therefore, exempt from the levy of wealth-tax under section 5(1)(i) of the wealth-tax act, 1957 (the 'act'). ..... according to me, this was the intention of the legislature when in enacting the wealth-tax act, 1957, it omitted the use of the word ' wholly ' as a qualifying word as regards the requirements concerning the objects of the trust when a similar word was to be found in section 4(3)(i) of the indian income-tax act, 1922.'24. ..... section 3 of the act, the charging section reads thus :'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 schedule.'93. .....

Commissioner of Wealth-tax Vs. Mrs. Daisy Paul

Court : Kerala

Reported in : [1990]183ITR22(Ker)

..... to adjudicate the controversy, it is useful to quote section 5(1)(xxxii) of the wealth-tax act as also the explanation to section 5(1)(xxxii) of the act, sections 5(1), 5(1)(xxxii) and the explanation to section 5(1)(xxxii) of the wealth-tax act read as follows :'5. ..... : [1980]126itr66(cal) , to contend that the word 'processing' occurring in section 5(1)(xxxii) of the wealth-tax act should be looked into from a broad point of view, that in the context it is used in contradistinction or differently from the expression 'manufacture' and this is a case where something is done to the goods or materials, some treatment has been ..... finding of fact on that question should be arrived at by bearing in mind the connotation of the word 'processing' that occurs in section 5(1)(xxxii) of the wealth-tax act and the context in which it occurs. ..... in the return of net wealth for the assessment year 1976-77, the assessee claimed deduction under section 5(1)(xxxii) of the wealth-tax act of her interest in the firm, ..... 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 ... ..... matter arises under the wealth-tax act. ..... , at the same time, we direct the income-tax appellate tribunal to restore the appeal to file and proceed to decide the above aspect regarding the availability of exemption under section 5(1)(xxxii) of the act from a proper angle and perspective.9. .....

The Commissioner of Wealth Tax, Kerala, Ernakulam Vs. Puthiya Ponmanic ...

Court : Kerala

Reported in : AIR1966Ker108; [1967]63ITR787(Ker)

..... section 5(1)(i) of the wealth tax act, 1957, provides that wealth tax shall not be payable bv an assessee in respect of any property held under trust or other legal obligation for any public purpose of a charitable or religious nature in india; and that such assets shall not be included in the net wealth of the ..... section 21(1) of the wealth tax act, 1957 however, creates a legal fiction by which a mutawalli though not a trustee in the technical sense of the term has to be treated as one and assessed to wealth-tax 'in the like manner and to the same extent as it would be leviable upon and recoverable from the person on whose behalf the assels are ..... of this judgment under seal of the high court and the signature of the registrar will be sent to life appellate tribunal as required by sub section (6) of section 27 of the wealth tax act, 1957 ..... only contention urged on behalf of the assessee is that the owner of the assets in the case of wakf is the almighty and that the almighty does not come within the purview of section 3, the charging section of the wealth tax act, 1957. ..... a reference by the income lax appellate tobunal, madras bench, under section 27(1) of the wealth tax act, 1957. ..... that section reads as follows:'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 not wealth on the corresponding valuation date of .....

Commissioner of Wealth-tax Vs. Rama Varma Club

Court : Kerala

Reported in : [1997]226ITR898(Ker)

..... the question whether a members' club like the assessee is liable to be taxed under the wealth-tax act, 1957, treating it as an 'individual' under section 3 before the introduction of section 21aa has been finally answered by this court in cwt v. ..... if that be so, the assessee-club would not come within the net of section 21aa(1) so as to be assessed under the wealth-tax act, 1957. ..... then, the only question to be considered in these references is whether introduction of section 21aa has made any change in the legal position, thereby making the assessee-club liable for being assessed under the wealth-tax act, 1957. ..... association of persons joining together in accordance with the rules and bye-laws of the club for enjoyment of one another's company and other facilities or for some other purposes, is not liable to be assessed as an 'individual' under section 3 of the wealth-tax act, 1957. ..... these references are at the instance of the revenue under section 27(1) of the wealth-tax act, 1957. ..... , for the opinion of this court is as follows : ' whether, on the facts and in the circumstances of the case and for the reasons stated in paragraph 12 of its order, the tribunal is right in holding that the provisions of section 21aa of the wealth-tax act which is sought to be invoked by the revenue for the assessment years 1981-82 to 1983-84 would not be applicable to the facts of the present case and is not the above approach, finding and decision wrong and .....

Commissioner of Wealth-tax Vs. Mulam Club

Court : Kerala

Reported in : (1991)99CTR(Ker)124; [1991]191ITR370(Ker)

..... question arose whether mappilla marumakkathayam tarwads of north malabar -- muslim undivided families governed by the mappilla marumakkathayam act (madras act 17 of 1939)--fall within the expression 'individual' and are assessable to tax under section 3 of the wealth-tax act, 1957. ..... aware that only individuals and undivided families were taxable entities under the wealth-tax act, 1957, before the introduction of section 21aa in the act. ..... the legislature has given a clear indication that an association of persons is not an assessable entity covered by the word 'individual' in section 3 of the wealth-tax act and that is clear on a reading of rule 2(1) of the wealth-tax rules, 1957, along with section 4(1)(b) of the act. ..... an association of persons is not charged to wealth-tax on its net wealth and that, under the wealth-tax act, 1957, individuals and hindu undivided families are taxable entities ..... or a body of individuals, whether incorporated or not, comes within the definition of persons for the purpose of the income-tax act, whereas only three categories of persons are contemplated under section 3 of the wealth-tax act, viz. ..... the section reads :'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 .....

Commissioner of Wealth-tax Vs. Malabar and Pioneer Hosiery P. Ltd.

Court : Kerala

Reported in : (2006)200CTR(Ker)287; [2006]280ITR260(Ker)

..... these cases arise under the wealth-tax act, 1957 (hereinafter referred to as 'the act'). ..... on, the commissioner of wealth-tax revised the assessments under section 25(2) of the act. ..... what we have to find out is whether under the relevant provisions of the wealth-tax act, this can be applied. ..... the commissioner took the view that the exemption under section 40(3)(vi) of the finance act, 1983, will be available if the assessee uses the building as a factory, godown, warehouse, hotel for the purpose of ..... the tribunal now takes the view that in the income-tax proceedings the rent from the civil supplies corporation and kalyana mandapam was treated as business income and, hence, for the purpose of wealth-tax also, it can be termed as business premises coming under section 40(3)(vi) of the finance act.3. ..... according to counsel, under section 35(7) of the act, no amendment under this section shall be made after the expiry of four ..... : [2004]265itr312(ker) , held that section 40(3)(vi) of the finance act specifically includes warehouse, cinema house, hotel or office for the purpose of its business or as residential accommodation for its ..... the appeal, the following questions of law are raised :(1) whether, on the facts and in the circumstances of the case, the tribunal is right in law in holding that the assessee's case is hit by section 40 of the finance act, 1983 ? ..... , the order is not hit by section 35(7) of the act.5. ..... assessments for these years were completed under section 16(1) of the act. .....

Commissioner of Wealth-tax Vs. Mrs. Lucy Kochuvareed

Court : Kerala

Reported in : [1991]192ITR199(Ker)

..... in this batch of 18 referred cases--9 at the instance of the revenue and 9 at the instance of an assessee under the wealth-tax act--the income-tax appellate tribunal has referred the following two common questions of law for the decision of this court: '(1) whether, on the facts and in the circumstances of the case, the tribunal is right in law in determining the ..... 26, 1990 (see : [1991]192itr196(ker) ) and submitted that the view expressed by this court regarding the accrual of the right to receive enhanced compensation vis-a-vis the value to be adopted for purposes of the wealth-tax act on the respective valuation dates has been very widely stated and the matter requires clarification. ..... the assessment year 1970-71 onwards, the assessee filed returns under the wealth-tax act adopting the value of the property as determined by the justice issac ..... the said right is an 'asset' for the purpose of the wealth-tax act and that should be valued, in the light of the decisions of the supreme court in khorshed shapoor ..... principles regarding valuation of the property for the purpose of the wealth-tax act have been laid down in innumerable decisions. ..... arrived at, for all the other subsequent years, it is the right of the assessee to receive the compensation at the market rate (with reference to the date of the relevant notification) on the valuation date under the wealth-tax act that will govern the issue. ..... notifications under section 3(1) of the land acquisition act--1-9-1970, 8-9-1970 and .....

Commissioner of Wealth-tax Vs. K.G. Xavier

Court : Kerala

Reported in : (1991)99CTR(Ker)266; [1991]191ITR169(Ker)

..... to be part of the real income and should be held to have the same concrete existence and, on that basis, it should have been held by the appellate tribunal that they are 'assets' on the valuation date assessable as wealth under the wealth-tax act as well. ..... counsel for the revenue further stressed that the intangible additions made in the income-tax assessment are for the same year 1974-75 and once such additions are considered to be part of the real income of the assessee, it cannot admit of any doubt that they will form part of the 'assets' on the relevant valuation date under the wealth-tax act. ..... if the said intangible assets should be available to the assessee, like other book profits, we have no doubt in our mind that it will constitute an asset of the assessee on the relevant valuation date, under the wealth-tax act also.7. ..... this court held that the assessee did not admit that the additions to the income made for the assessment years 1957-58, 1958-59 and 1959-60 were available with him on any later date, in part or whole, as' his asset, and there was no presumption that the 'whole income' or any part of it continued as an asset of the assessee. ..... in that case, there were large additions to the income of the assessee for the assessment years 1957-58, 1958-59 and 1959-60. .....