Court : Kerala
Reported in : [1986]59CompCas514(Ker); [1986]158ITR791(Ker)
..... , that the claim was not supported by sanction obtained from the company court under section 446(1) of the companies act and that the special provisions of the companies act will prevail over the provisions of the income-tax act, so that the department cannot claim interest from the company in liquidation in respect of assessment made subsequent to the winding up ..... the learned single judge, however, held that the claim for interest under section 220(2) of the income-tax act cannot be recognised alsobecause that provision is in conflict with the provisions and the scheme of the companies act in regard to companies in liquidation and, therefore, the provision is not applicable to such companies in ..... , once the claim of the department has to be proved and is proved in the liquidation proceedings, the department cannot by exercising the right under section 49e of the income-tax act get priority over the other unsecured creditors. ..... , under the provisions of the income-tax act, the department was entitled to set off the amount otherwise refundable. ..... , agreeing with the high court, we hold that the income-tax officer was in error in applying section 49e and setting off the refund due.'16. ..... according to this provision, where refund is found to be due to any assessee, the department may, in lieu of payment of the refund, set off the amount to be refunded against the sum, if any, remaining payable under the act by the assessee, after giving an intimation in writing of the action proposed to be .....
Tag this Judgment!Court : Kerala
Reported in : [1995]211ITR448(Ker)
..... in that decision, we held that the assets of an association of persons are not chargeable under section 3 of the wealth-tax act, 1957, before the insertion of section 21aa. ..... cit : [1973]88itr47(sc) , it was contended that a club is an individual and as such liable to be taxed under section 3 of the wealth-tax act. ..... in the abovementioned decision, we held that there is no provision in the wealth-tax act which makes an association of persons an individual before the introduction of section 21aa. ..... on appeal, the commissioner of wealth-tax (appeals) held that the assessee is an association of persons and not taxable under the wealth-tax act. ..... that is not an assessable entity under the wealth-tax act.5. ..... section 21aa cannot therefore be resorted to by the revenue for assessing the wealth-tax for the years under dispute in these references. ..... in that view, we held that the respondent in that case, sreemulam club is an association of persons and not an individual for the purpose of wealth-tax and hence not an assessable entity as an individual.4. ..... the wealth-tax officer treated the club as an individual and subjected it to wealth-tax for the assessment years 1970-71 to 1979-80. ..... and in the circumstances of the case, the tribunal was correct in law and in fact in holding that the assessee-club should be assessed in the status of association of persons and since an association of persons is not an entity chargeable to wealth-tax, the assessee-club is not chargeable to wealth-tax ?'2. .....
Tag this Judgment!Court : Kerala
Reported in : [1991]192ITR301(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 proceedings under section 35 of the wealth-tax act, 1957, were valid in law?'2. ..... we have to understand the question referred to us as stating, 'whether, in the light of the finding of the appellate tribunal that there is a mistake apparent from the records, the proceedings under section 35 of the wealth-tax act, 1957, were valid in law ? ..... these two references arise under the wealth-tax act, 1957. ..... proceedings were passed under section 35 of the wealth-tax act for both the years dated march 11, 1982 ..... appeals, the appellate assistant commissioner held that there is no mistake apparent from the records to be rectified under section 35 of the wealth-tax act. ..... the original assessments made under the wealth-tax act against the assessee were rectified on the ground that a mistake had crept in the ..... will be an asset, if at all, only on or after january 30, 1975, and so the said sum could not have been included for the purpose of wealth-tax assessment on the valuation date, march 31. ..... for wealth-tax purposes, the relevant valuation dates are march 31, 1974, and march 31, ..... further appeal preferred by the revenue, the income-tax appellate tribunal, by a common order dated december 27, 1984, held that it is clear that there is a mistake apparent from the records and so section 35 is attracted. .....
Tag this Judgment!Court : Kerala
Reported in : 2008(2)KLJ659
..... these are wealth tax appeals filed by the assessee under section 27-a of the wealth tax act challenging the orders of income tax appellate tribunal disposing of wealth tax appeals for the ..... however, the assessee disputed the proposal for valuation of the buildings constructed on leasehold property under rule 3 of schedule iii of the wealth tax act by contending that as on the relevant valuation date for all the assessment years, the assessee had less than 50 years lease and the deed of lease did not contain an ..... schedule iii of the wealth tax act.the appeals are disposed ..... tribunal was justified in holding that the buildings constructed by the assessee in the property taken on lease from cochin port trust should be valued under rules 3 and 4 of schedule iii of the wealth tax act and not under rule 8(c) r/w. ..... act squarely applies to rule 8 of schedule iii of the wealth tax act ..... for any other purpose shall be deemed to be a lease from month to month, terminable, on the part of either lessor or lessee, by fifteen day's notice expiring with the end of a month of the tenancy.every notice under this section must be in writing, signed by or on behalf of the person giving it, and either be sent by post to the party who is intended to be bound by it or be tendered or delivered personally to such party, or to one of his family or servants at his residence, ..... the lease deeds for the two items of properties were executed on 28-10-1957 and 20-6-1961 for a period of 30 years with an option to the .....
Tag this Judgment!Court : Kerala
Reported in : [1999]238ITR280(Ker)
..... this is an application made by the revenue under section 27(3) of the wealth-tax act, 1957, requiring us to direct the income-tax appellate tribunal to refer the following question for the opinion of this court : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the assessee is entitled to exemption under section 5(1)(xxxii) of the wealth-tax act ?' 3. ..... appellate tribunal reached the conclusion that the firms in which the assessee was a partner, being engaged in the business of manufacture of new gold jewellery from old gold ornaments, are entitled to get exemption under section 5(1)(xxxii) of the wealth-tax act. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1966Ker77; [1966]60ITR737(Ker)
..... family:(i) on the first rupees four lakhs of net wealthnil(ii)on the next rupees nine lakhs of net wealth1/2%(iii)on the next rupees ten lakhs of net wealth1%(iv)on the balance of net wealth11/2%xxxx xxxx'20.bv section 13 of the finance act of 1960 (act xii of i960) it was provided:'notwithstanding anything contained in the wealth tax act 1957 (hereinafter referred to as the wealth tax act) no tax shall be charged in respect of the net wealth of a company for any financial year commencing on or after the 1st day of april 1960.'2l. ..... 674 of 1958the two questions raised in the above original petition are:-- (l) whether the net wealth of the mappila marumakkathayam tharwad registered as impartible within the meaning of section 20(1) of the madras act xvii of 1939 ia assessable to tax under section 3 of the wealth tax act, 1957 (hereinafter referred to as the 'act') and (2) if such wealth is not assessable under section 3, whether it is violative of article 14 of the constitution.66. ..... section 3 of the wealth tax act which is impugned as discriminatory, is in these terms:'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 referredto 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. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1965Ker66; [1964]54ITR332(Ker)
..... sub-clause (iii) of clause (m) of section 2 was inserted with retrospective effect to the commencement of the wealth-tax act, 1957, by section 20 of the finance act, 1959. ..... we entertain no doubt that we must hold that the income-tax liability with which we are concerned did not mature into a debt owed by the assessee earlier than the 1st april 1959, that it- is hence not deductible as held by the appellate tribunal under section 2(m) of the wealth-tax act, 1957, and that the question referred has to be answered in the negative and against the assessee. ..... 17 of 1959, the notes on clauses appended to that bill says:'clause 20 amends section 2 of the wealth-tax act, 1957, with retrospective effect to make it clear that taxes which are disputed and taxes which are in arrears for more than a year are not to be deducted as debts in the computation of the net wealth of an assessee.'5. ..... so on those dates the appellant became entitled to a refund of the amount of tax deducted at the source or treated as paid on its behalf under the provisions of the income-tax act earlier mentioned which was in excess of the tax payable by it for each of these years. ..... life insurance corporation, : [1963]48itr144(sc) the supreme court had to consider when the right to a refund under this indian income tax act, 1922; arose in respect of the accounting years 1954 and 1955 assesement 1955-56 and 1956-57. .....
Tag this Judgment!Court : Kerala
Reported in : [1971]82ITR410(Ker)
..... i am clear in my mind that, when an assessee avails himself of the scheme envisaged under section 68 of the finance act, 1965, and compounds the income-tax liability under the said scheme, and he subsequently becomes liable to assessment under the wealth-tax act, 1957, in respect of the income so disclosed and attributed by him as income accrued during different financial years, there is no question of any debt owed by him on the valuation dates concerned. ..... on the basis of the above disclosures, the wealth-tax officer, calicut, who is the first respondent in both these cases, took proceedings under section 17 of the wealth-tax act, 1957, in respect of the assessment years to which the disclosed income was attributed by the petitioners, to reassess the net wealth which escaped assessment. ..... in any view of the matter, the assessee does not incur any tax liability before the income is disclosed under the scheme envisaged under section 68 of the finance act, 1965, and the question of deduction of any income-tax paid by him does not arise in determining the escaped net wealth for assessment under the wealth-tax act, 1957.8. ..... in my view, these contentions cannot be sustained on a careful reading of section 68 of the finance act, 1965, and the relevant provisions of the wealth-tax act, 1957, referred to above. ..... act, 1957, in so far as they did not allow the deduction claimed by the petitioners on account of income-tax in determining the net wealth.5. .....
Tag this Judgment!Court : Kerala
Reported in : [1990]181ITR438(Ker)
..... facts and in the circumstances of the case, the tribunal was right in law in holding that an appeal lies to the tribunal from the order of the appellate assistant commissioner under section 35 of the wealth-tax act, 1957 ? 2. ..... the appellate assistant commissioner rectified the assessment under section 35(8) of the wealth-tax act directing exclusion of the principal amount of additional ..... the income-tax officer thereafter reopened the assessments under section 17 of the wealth-tax act pursuant to which returns were filed by the assessee for the aforesaid three assessment years on november 4, ..... passed an order under section 35(8) of the wealth-tax act. ..... (at page 764) :'it is clear that, when proceedings are taken for rectification of assessment to tax either under section 35(1) or section 35(5) of the act of 1922, those proceedings must be held to be proceedings for assessment. ..... the matter arises out of the wealth-tax assessments for the assessment years 1967-68, 1968-69 and 1969-70 for which the valuation dates are august 16, 1966, august 16, 1967, and august ..... the matter, the additional compensation was rightly included by the assessee in his return for the aforesaid three years and the same was rightly assessed by the wealth-tax officer. ..... the supreme court also observed that a composite order redetermining the tax payable by the firms, directing refund and apportioning the income of the firms between the partners can be held to be nothing other than an order made in proceedings for .....
Tag this Judgment!Court : Kerala
Reported in : [1991]187ITR450(Ker)
..... per cent, that cannot form the basis that can be mechanically adopted for the purpose of fixing the value of the property in cases arising under wealth-tax act different considerations apply in determining the market value of properties under the fiscal statutes ..... the fiscal statutes, the income-tax act, the wealth-tax act, the gift-tax act, the municipalities act, etc ..... for this particular assessment year for which the valuation date was march 31, 1973, the wealth-tax officer fixed the value of the property at rs. ..... that makes all the difference from the perspective with which the property will have to be valued, as distinguished from a case arising under the land acquisition act or fixing the value in the case of sale--whereby the property is lost for ever, and what is paid when the property is acquired is ..... on this basis, the wealth-tax officer estimated the value as on the valuation date by giving discount for the increase in valuation in the preceding ..... the wealth-tax officer was directed to accept the ..... said valuation was not accepted by the wealth-tax officer. ..... are concerned with determining the value of the property for the purpose of wealth-tax ..... was assessed to wealth-tax. ..... a particular asset or property, the approach and analysis are likely to vary according to the subject-matter of legislation, the principles that are ordinarily applied in the case of non-fiscal statutes like the land acquisition act cannot be applied mechanically to cases arising under the fiscal statutes .....
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