Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 34aa appearance by registered valuers Page 1 of about 19 results (0.053 seconds)

Commissioner of Income Tax (Central) Vs. Prabhu Steel Industries Ltd.

Court : Mumbai Nagpur

..... section 34aa is in chapter vii-b of the wealth tax act, 1957 and it deals with appearance by the registered valuers. ..... sub-section [2] of section 50c itself lays down that where any reference is made by the assessing officer to valuation officer, provisions of sub-sections [2], [3], [4], [5] and [6] of section 16a; clause [i] of sub-section [1] and sub-sections [6] and [7] of section 23a; sub-section [5] of section 23; section 34aa, section 35 and section 37 of the wealth tax act, 1957 apply with necessary modifications to such reference. 7. ..... therefore, when order of cit (appeal), is questioned in further appeal before the itat, the itat has to keep in mind the provisions of section 24(5) of wealth tax act, 1957 and has to extend an opportunity of hearing to the valuation officer. ..... as per section 24(5) of the wealth tax act, 1957; the appellate tribunal has to extend opportunity of hearing to the valuation officer, and this provision is parimateria with section 23(6) above. ..... explanation 1 of this sub-section (2) lays down that phrase valuation officer has the same meaning, as in clause [r] of section 2 of the wealth tax act, 1957. ..... section 16a of wealth tax act, 1957 is about reference to valuation officer. ..... section 23a of the wealth tax act appears in chapter-vi dealing with appeal, revision and reference. ..... commissioner of income tax, shillong), considered the question of valuation of asset qua the provisions of income tax act, 1961 and wealth tax act, 1957. .....

Commissioner of Income Tax Vs. Dr. C. Ashokan Nambiar

Court : Kerala

Reported in : [2000]111TAXMAN431(Ker)

..... regard to the nature of the asset and other relevant circumstances, it is necessary so to do, and where any such reference is made, the provisions of sub-sections (2), (3),(4),(5) and (6) of section 16a, clauses (ha) and (i) of sub-section (1) and sub-sections (3a) and (4) of section 23, sub-section (5) of section 24, section 34aa, section 35 and section 37 of the wealth tax act, 1957 (27 of 1957), shall -xvii h the necessary modifications, apply, in relation to such reference as they apply in relation to a reference made by the assessing officer under sub-section (1) of section 16a of that act.explanation-in this section, 'valuation officer' has the same meaning, as in clause (i) of section 2 of the wealth tax act, 1957 (27 of 1957) ..... . by (lie amendment act of 1972, special provisions have been made in the wealth tax act relating to references to the valuation officers by the wealth tax officer and appearance by the registered valuers ..... .(iii) sub-section (5) of section 24 (relating to appeal to the appellate tribunal from orders of the appellate assistant commissioner),(iv) section 34aa (relating to appearance by registered valuers) ..... . a new section 287a has been introduced in the act providing for appearance by, the registered valuers in certain matters and any assessee who is entitled to require to appear before the income-tax authority or the tribunal in connection with any proceeding relating to valuation of any asset .....

Commissioner of Income-tax Vs. Dr. C. Ashokan Nambiar

Court : Kerala

Reported in : [2000]245ITR37(Ker)

..... that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do, and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16a, clauses (ha) and (i) of sub-section (1) and sub-sections (3a) and (4) of section 23, sub-section (5) of section 24, section 34aa, section 35 and section 37 of the wealth-tax act, 1957 (27 of 1957), shall with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the assessing officer under ..... act of 1972, special provisions have been made in the wealth-tax act relating to references to valuation officers by the wealth-tax officer and appearance by registered ..... section 34aa (relating to appearance by registered ..... section 287a has been introduced in the act providing for appearance by registered valuers in certain matters and any assessee who is entitled or required to appear before the income-tax authority or the appellate tribunal in connection with any proceeding relating to the valuation of any asset (may attend by a registered ..... may refer the valuation of capital asset to a valuation officer- (a) in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the assessing officer is of opinion that the value so claimed is less than its fair market value ; (b) in any other case, if the assessing officer is of opinion- (i) .....

V. Shanmughavel and anr. Vs. Commissioner of Central Excise and ors.

Court : Chennai

Reported in : 2001(131)ELT14(Mad); [2002]254ITR717(Mad); (2001)2MLJ581; 2006[2]STR466; [2007]6STT183

..... it is presumably this communication which is challenged in the present petition and the main contention is that the registered valuers who are acknowledged as such under section 34ab of the wealth-tax act would not be covered by the provisions of the finance act which provisions came to be made applicable by section 88, chapter vi of the finance act, 1997, for the purposes of levy and collection of service tax.3. ..... it will be remembered that under sub-section (2) of section 34ab of the wealth-tax act, for being a 'registered valuer', a person has to have certain specific qualifications. ..... section 34aa permits the appearance by the registered valuers representing and/or for an assessee before any wealth-tax authority or the appellate tribunal in connection with any matter relating to valuation of any asset, except where such an assessee is required to attend in person. ..... section 34ac specifically provides that no person who is not registered under this chapter could practice or describe or hold himself out as a registered valuer for the purposes of this act.it is the case of the petitioner that the members of the petitioner-institution are 'registered valuers' and they cannot be deemed to be 'consulting engineers' under the provisions of section 67(f) of the finance act. ..... the members of the petitioner institute are the estate valuers and most of them are recognised as such under section 34ab of the wealth-tax act, 1957. .....

Dr. Vs. Shanmughavel V. Commissioner of Central Excise

Court : Chennai

Reported in : [2002]121TAXMAN274(Mad)

..... section 34aa permits the appearance by the registered valuers representing an assessee before any wealth-tax authority or the tribunal in connection with any matter relating to valuation of any asset, except where such an assessee is required to attend in person. ..... it is presumably this communication which is challenged in the present petition and the main contention is that the registered valuers who are acknowledged as such under section 34ab would not be covered by the provisions of the finance act which came to be made applicable by section 88, chapter vi of act, 1997 for the purposes of levy and collection of service tax.3. ..... we cannot, therefore, accept the contention raised by the petitioner that such engineers who offer advice in their capacity as the 'registered valuers' of immovable property or plant and machinery cannot be brought into the tax net under section 65(11) read with section 65(48)(g) of the finance act. ..... on this backdrop, it will be better to see the rule 8a of the wealth tax rules, 1957, which provides for qualifications of 'registered valuers'. ..... 'section 34ac specifically provides that no person who is not registered under this chapter could practice or describes or holds himself out as the registered valuer for the purposes of this act.6. ..... the members of the petitioner institute are the estate valuers and most of them are recognised as such under section 34ab of the wealth tax act, 1957. .....

Shanti Complex Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1997)63ITD181(Pat.)

..... needless to say even at the cost of repetition that, since, the reference to the valuation officer had not been made a wto under section 16a of the wealth-tax act, 1957, the same was not at all binding on him as envisaged by sub-section (6) thereof.it is also interesting to mention that the assessing officer has treated the report of the registered valuer as that of a private valuer as is evident from the following narration :- "total investment has been taken by valuation officer at rs. ..... the only other difference between the two classes of experts that incidentally comes to my mind that while the report of a valuation officer is binding under sub-section (6) of section 16a of the wealth-tax act on a wealth-tax officer (none else) no such binding character is attached to the report of a registered valuer.18. ..... stopping here for a moment, i would hop on to the relevant provisions of the wealth-tax act, 1957 more particularly when the explanation appended to section 55a of the income-tax act accords the same meaning to the term "valuation officer" as appearing in clause (r) of section 2 of the wealth-tax act, 1957.14. ..... it is also important to mention that the registered valuers have been authorised to attend before any wealth-tax authority and even before the appellate tribunal, the final fact-finding body in the implementation of direct tax laws in the country in connection with any matter relating to the valuation of an asset in pursuance of section 34aa of the wealth-tax act. .....

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 ..... 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? ..... 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 represents a figure based on the actual assessment being made under section 23b of the income-tax act, the words 'provision for taxation' appearing in the question are liable to be misconstrued as implying that the same may be representing an actual provision for taxation made in the ..... the western india turf club was originally an unregistered association; but as from the 1st april, 1925, it was converted into a company by being registered under the companies act as a company limited by guarantee, the object of the company being to take over the assets, effects and liabilities of the western india turf .....

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

..... wealth tax act is contrasted with the provisions of other cognate statutes it will clearly appear that the intention of the legislature was not to treat an association of persons or a body of individuals or a firm as a unit of assessment for the purpose of imposition of wealth tax, there is no other explanation why these units of assessment which have been specifically made taxable under the indian income tax act, 1922, the gift tax act, 1958 and the income tax act, 1961 have been left out of the charging section of the wealth tax act ..... 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. ..... a company or cooperative society or society registered under the societies registration act, 1860 (21 of 1860) or under any law corresponding to that act in force in any part of india, and the individual shares of the members of the said association in the income or assets or both of the said association on the date of its formation or at any time thereafter are indeterminate or unknown, the wealth tax shall be levied upon and recovered from ..... assessee:'whether on the facts and in the circumstances of the case, the appellate tribunal has been right in law in holding that the assessee is not liable to wealth tax under the wealth tax act, 1957 for the assessment year in question?'2. .....

Commissioner of Wealth Tax Vs. Raipur Manufacturing Co. Ltd.

Court : Gujarat

Reported in : AIR1964Guj154; [1964]52ITR482(Guj)

..... 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 7 of the wealth tax act which have been argued with considerable vigour and ability by both the ..... 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 purposes for the value shown in the company's balance-sheet? ..... /- 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? ..... . 11,40,755/-represents a figure based on the actual assessment being made under section 23-b of the income-tax act, the words 'provision for taxation' appearing in the question are liable to be misconstrued as implying that the same may be representing an actual provision for taxation made in the balance ..... the western india turf club was originally an unregistered association; but as from the 1st april, 1925, it was converted into a company by being registered under the companies act as a company limited by guarantee, the object of the company being to take over the assets, effects and sabilities of the western india turf .....