Court : Madhya Pradesh
Reported in : [1981]131ITR148(MP)
..... act, 1957, the income-tax appellate tribunal, bombay bench-a, has referred the following two questions for our opinion : ' (1) whether, on the facts and in the circumstances of the case, for purposes of arriving at the value of assets under section 7(2) of the wealth-tax act, the appellate tribunal was justified in giving directions to allow the depreciation as per income-tax records when the actual amount written off in the books was less (2) whether the appellate tribunal was justified in giving ..... (2) notwithstanding anything contained in sub-section (1),-- (a) where the assessee is carrying on a business for which accounts are maintained by him regularly, the wealth-tax officer may, instead of determining separately the value of each asset held by the assessee in such business, determine the net value of the assets of the business as a whole having regard to the balance-sheet of such business as on the valuation date and making such adjustments therein as may be prescribed.' 10. ..... let the reference be returned to the income-tax appellate tribunal for passing a further consequential order in accordance with the opinion given by us. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1986]158ITR674(MP)
..... it has further been held that (headnote) : ' if an amount of tax falls within the description given in section 2(m)(iii)(a) of the wealth-tax act, 1957, it would not be deductible even though it is a debt owed by the assessee on the relevant valuation date. ..... it is not in dispute that under the wealth-tax act an assessee is liable to pay tax on his net wealth, which is defined in section 2(m) of the wealth-tax act, as under : ' (m) ' net wealth ' means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than ..... the deductions admissible in computing the net wealth of the assessee are in respect of the taxes as finally determined on assessment under the respective enactments and not the taxes as computed in accordance with the returns filed by the assessee.' 19. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1996]219ITR373(MP)
..... ex consequenti, we allow all these reference applications in part as above and call upon the tribunal under section 27(3) of the wealth-tax act, 1957, to state the cases and refer the aforesaid common question of law arising out of the common order dated june 29, 1987, in each appeal as noted above for our opinion as expeditiously as possible. 21 ..... 105 to 108/(ind) of 1987, respectively, under section 27(1) of the wealth-tax act, 1957, before the income-tax appellate tribunal, indore, demanding reference of four questions as reiterated in these applications filed in this court, as of law, for ..... by unsuccess, these three assessees have filed twelve separate applications, as particularised above, for each assessment year from 1980-81 to 1983-84 (four years) under section 27(3) of the wealth-tax act, 1957. 5. ..... from 1970-71, the assessees put a note in their returns that such amount belonged to the hindu undivided family and claimed exemption as by that time the amount of interest had become ..... is contended that (i) note was put in the returns showing such property as of a hindu undivided family ; (ii) in the books of the firm, the property was shown as belonging to the hindu undivided families from the assessment year 1958-59 onwards ; (iii) this position was reflected also in the balance-sheets of the firm from the assessment years 1973-74 to 1979-80 ; and (iv) properly was treated as of a hindu undivided family from receipt on october 22, 1957. ..... , returns, circumstances and conduct, .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2000]246ITR363(MP)
..... s-1225) vide order dated september 28, 1987, and also for wealth-tax by the assistant commissioner of wealth-tax, additional circle, bhopal, under section 16(3) of the wealth-tax act, 1957 (for brevity, hereinafter referred to as the wealth-tax act), for the assessment years 1981-82, 1982-83, 1983-84, 1984-85, 1985-86, 1986-87, 1987-88, 1988-89, 1989-90, 1990-91 and 1991-92 (p. a. n. ..... unless the case falls under sub-clause (ii) or sub-clause (iii) ; (ii) if four years, but not more than seven years, have elapsed from the end of the relevant assessment year, unless the net wealth chargeable to tax which has escaped assessment amounts to or is likely to amount to rupees two lakhs and fifty thousand or more for that year ;(iii) if seven years, but not more than ten years, have elapsed from ..... but the stand in the reply to the rejoinder affidavit reflects that the object was to find out 'certain furnishing items' after march 31, 1987, which were not covered by the report of the approved valuer and from all this what comes out is that the assessment already made on the basis of the report ..... , (1) the income-tax officer must have reason to believe that income chargeable to tax has escaped assessment, and (2) he must have reason to believe that such income has escaped assessment by reason of the omission or failure on the part of the assessee, (a) to make a return under section 139 for the assessment year, or (b) to disclose fully and truly material facts necessary for the assessment for .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1970]76ITR615(MP)
..... this is a reference under section 27 of the wealth-tax act, 1957, by the income-tax appellate tribunal, allahabad bench, at the instance of the assessee, gajadhar prasad nathu lal of ..... is not bound to answer the reference and can decline to answer the question referred to it for decision.6. there is ample authority in support of the view that when a party who has caused a reference to be made under section 66 of the indian income-tax act, 1922, does not appear at the hearing of the reference, the high court is not bound to answer the question referred and should not do so. in m. m ..... the question referred to us for decision is:'whether, under the wealth-tax act, the value of ancestral property is assessable in the hands of the sole surviving coparcener, whose family consists of wife and daughter, in the status of an individual ..... . the learned chief justice of the calcutta high court, after referring to section 66(5) of the indian income-tax act, 1922, said ;'it will be noticed that the section is expressed in mandatory language and deploys the word 'shall' throughout its ..... . 16 it has been held by the calcutta high court that there is no provision in the income-tax act under which the party who has caused a reference to be made can be allowed to withdraw it after the tribunal has made a reference to the high court; and that the reference must be decided by the ..... . as the commissioner of wealth--tax, madhya pradesh, has appeared and has incurred the usual expenses he shall have costs of .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1989)80CTR(MP)187; [1990]181ITR543(MP)
..... this is an application under section 27(3) of the wealth-tax act, 1957, calling for the statement of the case from the appellate ..... and in the circumstances of the case, the income-tax appellate tribunal is legally correct in holding that the report from the valuation officer, although obtained on the basis of a reference made as a result of the appellate assistant commissioner's directions, is not binding on the wealth-tax officer under section 16a(6) of the wealth-tax act ? ..... department filed a reference application under section 27(1) of the act seeking a reference on the following three questions of law :'(1) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is legally correct in holding that a reference made to the valuation officer in compliance with the directions of the appellate assistant commissioner cannot be a reference under section 16a of the wealth-tax act ? ..... view of the matter, the commissioner was not correct in concluding that the wealth-tax officer was duty bound to accept the valuation officer's report the income-tax appellate tribunal gave a clear finding that section 16a of the act was not applicable in this case and the wealth-tax officer was not bound to make assessment in 'conformity with the report of ..... the wealth-tax officer, however, while making subsequent assessment did not base the valuation on the report of the valuation officer, but determined the net wealth at various figures estimated by him and passed .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1968MP225; [1968]69ITR539(MP); 1968MPLJ503
..... on an application made by the commissioner of wealth-tax, the income-tax appellate tribunal, bombay, has referred under section 27(1) of the wealth-tax act, 1957, the following question of law for the opinion of this court:'whether, on the facts and circumstances of the case, the appellate tribunal was justified in holding that the value of the assets should be taken to be the written-down value according to income-tax assessment, but so as to exclude therefrom initial and extra-normal depreciation and development rebate? ..... he urges that when the net value of the business of a company is determined by the wealth-tax officer under section 7(2)(a) of the act, having regard to the balance-sheet, the valuation given in the balance-sheet is conclusive of the matter.7. ..... the wealth-tax officer repelled the assessee's contention and proceeded to assess the net wealth of the company according to the global method of valuation as per balance-sheet under section 7(2)(a) of the act. ..... 31,29,197/-in its return under the wealth-tax act. ..... to be the real or correct value of fixed assets the question that is framed is whether on the facts and circumstances of the case, the assessee was entitled to claim deduction of the depreciation allowance normally allowable for income-tax purposes for the purpose of computing the net wealth of the assessee in the circumstances of this particular case, we are of the opinion that the tribunal was right in allowing such depreciation.12. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1986)57CTR(MP)320; [1987]164ITR600(MP)
..... of 1983, 1025 of 1983, 1026 of 1983, 1027 of 1983, 1028 of 1983, 1059 of 1983 and 1060 of 1983 as all these petitions arise between the same parties out of a common order passed by the income-tax appellate tribunal on a common question of law, which are filed under article 226 of the constitution of india, in the matter of reference application under section 27(1) of the wealth-tax act, 1957, regarding respondent no. ..... 2 under section 16(3) of the wealth-tax act, 1957, by his separate assessment orders passed for different assessment years ..... ' he, therefore, submitted that in the absence of any specific rules under the said wealth-tax act or there being no such bar under section 27 of the wealth-tax act, one consolidated reference application could be filed in such a case and, consequently, the tribunal was not justified in rejecting the reference application on ..... learned counsel for the petitioners submitted that, according to rule 7 framed under the wealth-tax act, an application under sub-section (1) of section 27 requiring the appellate tribunal to refer to the high court any question of law has to be filed as ..... therefore, the petitioners, through the commissioner of wealth-tax, bhopal, filed one consolidated reference application for the assessment years 1969-70 to 1977-78 under section 27(1) of the wealth-tax act proposing the following common question of law which arose out of the common order ..... the learned wealth-tax officer computed the net wealth of ..... filed any returns.8. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1996]220ITR357(MP)
..... these connected five reference applications, presented by the commissioner of wealth-tax, bhopal, under section 27(3) of the wealth-tax act, 1957, raise a common question of law as extracted below :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in holding that section 5(1)(viii) of the wealth-tax act, 1957, would be applicable to the assessee's case for the assessment ..... to shri vyas, the tribunal was not justified in holding that section 5(1)(viii) of the wealth-tax act, 1957, would be applicable to the assessee's case for the assessment years ..... thereafter the applicant filed applications under section 27(1) of the wealth-tax act, 1957, and sought statement of the case and ..... rejection and main order of the tribunal, the applicant has filed these five reference applications for five separate assessment years, as noted above, under section 27(3) of the wealth-tax act, 1957.3. ..... , birsubai, laxmibai and chandrabai, and as such they were intended for personal or household use within the meaning of section 5(1)(viii) of the wealth-tax act, 1957. ..... shri goyal, on the other hand, submitted that even when it is held, on following the decision of smt binapani's case : [1995]214itr721(sc) , that section 5(1)(viii) of the act is not attracted to the case of the assessee for the assessment years in question and exemption is unavailable to it, then also there is no necessity of statement of the case and reference of the proposed question .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1991]188ITR741(MP)
..... now, rules have been framed by the central board of revenue in exercise of the powers conferred by section 46 of the wealth-tax act, 1957, wherein rule 8-a prescribes the qualifications for registration of registered valuers. ..... thereafter, section 34ab and other corresponding provisions of the wealth-tax act, 1957 (hereinafter called 'the act'), were amended by the finance act of 1988 with effect from june 1, 1988, and the name of the chief commissioner was substituted in the place of the central board of direct taxes in respedt of according registration. ..... the petitioner was a duly registered valuer under the provisions of the wealth-tax act, 1957, vide order of the central board of direct taxes dated january 20, 1986. ..... it has furtherbeen submitted that section 46 of the wealth-tax act gives the central board of direct taxes power to make rules. ..... 2, the central board of direct taxes and the union of india to grant registration to valuers of immovable properties under the wealth-tax act. ..... the petitioner, in compliance with the aforesaid queries, furnished the desired information, vide his letter dated november 21, 1987. ..... thereafter, the board again sent a letter dated december 1, 1987, asking the petitioner to furnish details of professional income in indian currency received by the petitioner during the years 1982, 1983 and 1984, the period during which the petitioner was outside india accordingly, the petitioner, on december 8, 1987,furnished the desired information. .....
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