Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1991)37ITD147(Coch.)
..... pursuant to this, section 17(7) notices were issued to the assessee for the assessment years 1975-76 to 1979-80 and the returns filed by the assessee earlier were treated as returns filed under section 17 of the wealth-tax act.in addition, the assessee also filed revised returns for the assessment years 1980-81 to 1982-83. ..... the commissioner of income-tax and requiring the income-tax officer to obtain a copy of the above petition from the assessee and furnish a report through the inspecting assistant ..... along with the above letter the assessee had also enclosed a statement showing the net wealth of the assessee huf for each year from 1970-71 to 1983-84 and stating his willingness to pay the wealth-tax thereon.we also find on the paper book a letter from the office of the commissioner of income-tax, cochin, dated 8th february 1984 addressed to the income-tax officer, d-ward, ernakulam, to the effect that the assessee has filed a petition before ..... this appeal by the assessee relates to the assessment year 1983-84, for which the accounting year ended on 31-12-1983 (31-12-1957) (m.e)for business and 31-3-1983 for other sources.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD37(Coch.)
..... while dealing with reference under the wealth-tax act had to consider a similar question and it was held that an assessee, who is engaged in the manufacture or production or processing of goods or articles within the explanation to section 45(d) of the wealth-tax act, 1957 could be said to be engaged in the manufacture or processing of goods, though not from a commercial point of view because there was no requirement in the section that the things manufactured should be sent to the market for sale or solely engaged in the manufacture. ..... since these expenses are incurred for the purposes of the business and clearly fall under the provisions of section 35b(1)(b)(iv) and (vii) we are of the opinion that the assessee would be entitled to weighted deduction of the expenditure incurred by it. ..... in the argument notes filed by the assessee it was mentioned as under: as may be seen from the details furnished separately (few items from 3 or 4 sites only), the contracts consist mainly of supply of certain finished articles such as piles, fabricated girders, fabricated steel supports etc. ..... from the details of the work furnished by the assessee it is seen that the assessee does fabrication of feel in its own workshop for the same to be embedded in concrete as inserts, manufactures steel structures for being used as supporters in the underground power houses, manufactures .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1982)1ITD483(Coch.)
..... considered that these two amounts were outstanding for more than 12 months on the respective valuation dates and, therefore, cannot be allowed as a deduction in the computation of the net wealth in view of section 2(m)(iii)(b) of the wealth-tax act, 1957 ("the act"). ..... but this order of the tribunal must be considered to have been given only for the purpose of deciding the claim that was before it, namely, whether the interest under section 220(2) of that act can be allowed as a deduction in the computation of the business income of the assessee in view of the fact that this particular liability did not relate to any assessments made on the assessee here but related to ..... true that the tribunal had held that this cannot be treated as an income-tax liability of the assessee so as to disentitle the assessee for the deduction of the interest paid under section 220(2) of the income-tax act. ..... pointed out that in spite of the granting of instalments, the amounts should be considered to be outstanding on the valuation dates and if the assessee commits a default in any instalment the whole amount would become due immediately as provided in section 220(5) of the income-tax act.9. ..... on the instalments that were allowed to be paid by the assessee in respect of the tax liability of kumaraswamy reddiar for the assessment years 1957-58 to 1963-64, the ito levied interest under section 220(2).for the assessment year 1974-75, the assessee had claimed a deduction of the interest in the computation of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)5ITD343(Coch.)
..... cross-objections therein by the revenue arising for the assessment years 1971-1972, 1972-73, 1973-74 and 1974-75 are directed against the order of the commissioner (appeals) dated 30-10-1982 sustaining the levy of additional wealth-tax on the value of three items of immovable properties treated by the wto as urban assets for the purpose of the levy under clause (2), para a, part i of the schedule to the wealth-tax act, 1957 ('the act').2. ..... the relevant clause in the rate schedule for the levy of additional wealth-tax is as under: (2) in addition, in the case of every individual and hindu undivided family, where the net wealth of the individual or hindu undivided family includes the value of any asset, being building or land (other than business premises) or any right in such building or land, situated in an urban area (such asset being hereafter in this: ..... section 3 of the act provides for the levy of wealth-tax at the rates specified in part i of the schedule ..... the definition of the term 'business' in section 2(13) being inclusive and not exhaustive is indicative of extension and expansion.the word 'business' is one of large and indefinite import and connotes something which occupies time, attention and labour of a person normally with the ..... term 'business'in the context of rule 1 in para b of part i of the rate schedule means any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture, as defined in section 2(13) of the 1961 act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2002)83ITD631(Coch.)
..... 32,25,680 respectively.the returns were processed under section 16(3) of the wealth-tax act, fixing the net wealth at rs. ..... the same be added to the actual rent to bring within the expression annual rent under rule 5 of schedule iii.the assessee's representative further submitted that at the time of hearing in connection with income-tax proceedings, the assessee had furnished all the details of services rendered and considering all the facts the cit(appeals) and the assessing officer in subsequent assessments had allowed 40 per cent deduction towards expenses and also ..... net maintainable rent is to be computed under rule 4 of schedule iii of the wealth-tax act, 1957 which reads as under :- for the purposes of rule 3, "net maintainable rent" in relation to an immovable property referred to in that rule, shall be the amount of gross maintainable rent as reduced by- (i) the amount of taxes levied by any local authority in respect of the property; and rule 4 permits only exclusion of taxes levied by local authorities and a sum equal to 15 per cent of the gross maintainable rent. ..... considering the rival submissions, we are of the view that there is no flaw in the order of the cit(appeals) on this point in view of the amendment brought into section 17 by the direct-tax laws (amendment) act, 1987, with effect from 1-4-1989, by which the legislature omitted the words "by reason of the omission or failure on the part of any person" occurring in section 17(1)(a). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2008)110ITD400(Coch.)
..... of this act shall, so far as may be, apply as if the return were a return required to be furnished under section 14: provided that where an assessment under sub-section (3) of section 16 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any net wealth chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 14 or section 15 or in response ..... to a notice issued under sub-section (4) of section 16 or this section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1991)38ITD489(Coch.)
..... similarly, there is no provision in the wealth-tax act, 1957 corresponding to the provisions of section 44 of the income-tax act, 1922 or corresponding to section 199 of the income-tax act, 1961 and as such the ratio decidendi laid down by the hon'ble supreme court should be squarely applied to the facts of ..... in the wealth-tax act, 1957 arc sections 17 and 41 in the sphere of reassessment of escaped wealth. ..... section 41 of the wealth-tax act, 1957, which provides for issue of notices on thedisrupted family does not conceive of the extinction of the ..... the third issue is whether there is any provision in the wealth-tax act, 1957, which will enable the wealth-tax officer to pass a valid assessment order once the assessee- huf has ceased ..... should it be served on all sharers (tenants-in-common) in whom the property devolved by the operation of law (iii) is there any provision in law including the wealth-tax act which enables the assessing authority to pass an assessment order once the assessee has ceased to exist (iv) whether the filing of the returns by the assessee himself in the status of huf and the omission to raise the extinction of the family at the time of assessment proceedings, have any impact ..... the assessing authority determining the tax liability of the huf docs so with reference to the net wealth as it stands on the respective ..... had assessable net wealth on the respective valuation dates and as such was liable to be assessed under the provisions of the wealth-tax act, 1957. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1984)9ITD348(Coch.)
..... under section 5(1)(vi) of the wealth-tax act, 1957 ('the act') exemption is available in respect of the right or interest of the assessee in any policy of insurance before the moneys covered by the policies become due and payable to the ..... such amounts wealth-tax shall not be payable and the assets will also not be included in the net wealth of the assessee ..... , in the light of this hold that the commissioner (appeals) was not correct in holding that the proviso to clause (vi) of sub-section (1) of section 5 could not apply to the determination of the net wealth of the assessee for this assessment year. ..... only in that context that the supreme court had held that that amendment would not have any retrospective effect because the net wealth would have got crystallised on the valuation date for that assessment year, namely, 1959-60. ..... the proviso which has come into force on 1-4-1975 will determine the net wealth on the valuation date even though the valuation date is prior to the first day of the ..... [1968] 69 itr 864, 866 that the liability to wealth-tax gets crystallised on the valuation date.the proviso to clause (vi) of sub-section (1) of section 5 is for the purpose of computation of net wealth and not for creating a charge. ..... it would follow that the determination of the net wealth and for that purpose the determination of the liability will have to be made on the state of affairs factually on the valuation date or the last day of the previous year, but in accordance with the law as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)45ITD520(Coch.)
..... further it is contended that the communication dated 14-3-1988 by the valuation cell under section 16a(5) of the wealth-tax act is at any rate binding on the assessing officer. ..... (3) where the valuation officer is of opinion that the value of the asset has been correctly declared in the return made by the assessee under section 14 or section 15, he shall pass an order in writing to that effect and send a copy of his order to the wealth-tax officer and to the assessee. ..... in the notice under sub-section (4), or as soon thereafter as may be, after hearing such evidence as the assessee may produce and after considering such evidence as the valuation officer may require on any specified points and after taking into account all relevant material which he has gathered, the valuation officer shall, by order in writing, estimate the value of the asset and send a copy of his order to the wealth-tax officer and to the assessee ..... (4) where the valuation officer is of opinion that the value of the asset is higher than the value declared in the return made by the assessee under section 14 or section 15 or where the asset is not disclosed or the value of the asset is not declared in such return or where no such return has been made, the valuation officer shall serve a notice on the assessee intimating the value which he proposes to estimate and giving the assessee an opportunity to state, on a date to be specified in the ..... 12,87,600 claimed as deduction in computing the net wealth of the assessee. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1982)1ITD115(Coch.)
..... as agreed to between the parties had not been truly stated in the instrument of transfer with the object of (a) facilitating the reducation or evasion of liability of the transferor to pay tax under this act in respect of any income arising from the transfer or (b) facilitating the concealment of income or any moneys or other assets which had not been or which ought to be disclosed by the transferee for the purpose of income-tax act, 1961, or the wealth-tax act, 1957, proceedings under section 269d was initiated." 4. ..... ) should have, independently of the presumptions under section 269c, reason to believe that the sale consideration was understated in the document with a view on the part of the transferor to avoid the capital in the document with a view on the part of the transferor to avoid the capital gains tax and on the part of the transferees to avoid tax liability under the income-tax act and the wealth-tax act. ..... clause (a) relates to the reduction or evasion of the liability to pat tax under the act in respect of any income arising from the transfer, while clause (b) deals with the possibility of evasion both under the income-tax act and under the wealth-tax act on the part of the transferee. ..... the notice under section 269d of the income-tax act, 1961 ("the act") was issued on 16-8-1978. .....
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