Court : Mumbai
Reported in : (1984)39CTR(Bom)249; [1985]154ITR395(Bom); [1984]18TAXMAN443(Bom)
..... of a notice to him under sub-section (2) of section 14, voluntarily and in good faith, made full and true disclosure of his net wealth, and (b) in the case referred to in clause (ii), has, prior to the detection by the wealth-tax officer ..... (1) notwithstanding anything contained in this act, the commissioner may, in his discretion, whether on his now motion or other wise, - (i) reduce or waive the amount of penalty imposed or imposable on a person under clause (i) of sub-section (1) of section 18 for failure without reasonable cause to furnish the return of net wealth which such person was required to furnish sub-section (1) of section 14, or (ii) reduce or waive the amount of penalty imposed or imposable on a person under clause (iii) of sub-section (1) of section 18, if he is satisfied that such person, - (a) in the case referred to in clause (i), has, prior to the issue ..... act, 1957 (hereinafter referred to as 'the act'). .....
Tag this Judgment!Court : Mumbai
Reported in : [2003]264ITR667(Bom)
..... -company filed its return of wealth on april 13, 1992, in response to a notice under section 17(1) of the wealth-tax act, 1957, declaring the net wealth of rupees nil, the assessing officer calculated the net wealth of the assessee-company ..... matter, the commissioner of income-tax (appeals) further observed that the rate of capitalisation should be worked out on a scientific basis and, consequently, the assessing officer was directed to apply schedule iii to the wealth-tax act and revalue the property on that ..... tax (appeals) has merely directed valuation of the property as per schedule iii to the wealth-tax act. ..... tax (appeals) has merely directed the assessing officer to revalue the property after taking into account the principles mentioned in schedule iii to the wealth-tax act. ..... of the tribunal, the department has filed this appeal under section 260a of the income-tax act, 1961.facts :3. ..... respect of the assessment year 1992-93 and the wealth-tax appeal no. ..... respect of the assessment year 1989-90, wealth-tax appeal no. ..... wealth-tax ..... of the department that, in this matter, the department has come in appeal before the high court as the commissioner of income-tax (appeals) has laid down a principle of law while remanding the matter to the assessing officer. ..... being aggrieved, the assessee carried the matter in appeal to the commissioner of income-tax (appeals) who took the view that, in this matter, the government valuer has not worked out the actual rent received for the property occupied by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)82ITD573(Mum.)
..... the only question in all these appeals is whether the stock exchange card held by the assessees in the bombay stock exchange is an asset within the meaning of section 2(e) of the wealth-tax act, 1957, and consequently wealth-tax is payable thereon.2. ..... context and cannot therefore be applied to the interpretation of section 2(e) of the wealth-tax act, which contention has not been accepted by us for the reasons given earlier.we accordingly hold, consistent with the earlier orders of the tribunal, that the stock exchange card of the bse is not an asset under section 2(e) of the wealth-tax act.we wish to place on record the very able assistance rendered by mr.dave, the learned commissioner of income-tax (dr) on behalf of the department and learned counsel who appeared ..... dave, the learned commissioner of income-tax (departmental representative) was that, the judgment was rendered under a different text (the constitution of india) and in a different context (in civil litigation) and therefore was not applicable to the wealth-tax act and that under section 2(e) the stock exchange card would constitute property. ..... as already noticed earlier, the words used in this section and section 2(e) of the wealth-tax act are substantially the same. ..... the definition contained in section 2(e) of the wealth-tax act is that "assets" includes "property of every description, movable or immovable". .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)40ITD142(Mum.)
..... specifically provide for inclusion of certain assets although such assets may not stand in the name of the assessee.section 4 of the wealth-tax act provides that in computing the net wealth of an individual, there shall be included as belonging to that individual the value of the asset which on the relevant valuation dates are held by the spouse of such individual to whom such assets are transferred directly or indirectly or by a minor ..... we are, therefore, of the opinion that the cit(a) was wholly unjustified in holding first that this was a right exigible to tax within the meaning of section 2(m) read with section 3 of the wealth-tax act and in further valuing such right, in our opinion, on a somewhat ad hoc basis at 15% of the market value of the gold under the relevant valuation dates. ..... in wealth-tax returns for the assessment years 1965-66 to 1972-73, which were filed after the seizure of the gold, the assessee mentioned the market value of the gold but it did not include the value in his net wealth on the ground that as the whole gold articles were seized and the proceedings were pending, their value on the relevant valuation dates was nil. ..... the right to sue carried with it the possibility of failure in the litigation proposed, in which case such right would convert itself into a liability which the assessees would incur by way of litigation expenses. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1966Bom166; (1965)67BOMLR659; ILR1965Bom1054
..... although therefore the charging section of the wealth tax act says that the tax will be charged for the financial year commencing from the 1st of april, 1957, there will actually be no wealth that from a certain financial years onwards the wealth tax should be abolished either completely or partially or that is should be amended as increase the burden or grant itself relief against the increase the will not take effect in spite of the said intention of the legislation for at least a ..... the charging section, which is permanent provision providing for the charging of the tax for all financial years for which the net wealth tax act will be on the statute book has brought out then intention by specifying that the in each financial year will be charged in respect of net wealth on the corresponding valuation date. ..... that section reads as follows:'subject to the other provisions contained in this act, there shall be charged for every financial year commencing on the and from that first day of april 1957, a tax (hereinafter referred to as wealth tax) in respect of the net wealth of the corresponding valuation date of the every, individual hindu undivided family and company at the rate oft specified in the schedule'.assessment year' under the act means the year for which tax is chargeable under s. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1993)47ITD255(Mum.)
..... the term 'net wealth' is defined in section 2(m) of the wealth-tax act, according to which it 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 is in excess of the aggregate value of the debts owed by ..... the appellant forms a part of the appellant's net wealth under section 2(m) of the wealth-tax act. ..... under section 4(1)(b) of the wealth-tax act, where the assessee is a partner in a firm or a member of an association of persons, the value of his interest in the firm or association shall ..... the assessees had objected the action of the assessing officer in bringing deemed gift to tax and, consequently, holding that the assessees are liable under the wealth-tax act in respect of the value of the assets as on the valuation date. ..... fail to appreciate appellant's basic submission that on admission of a partner in a firm and the resultant readjustment of shares of the partners, there is no 'transfer' within the meaning of gift-tax act, 1958 and consequently such a transaction not chargeable to gift-tax at all.2.1 we have heard the assessee's learned counsel who vehemently argued that, in the facts and circumstances of the case, the admission of a partner in the firm and readjustment of the shares ..... rule 2 of the wealth-tax rules, 1957, which provides for the computation of the value of interest of a partner in a firm, directs the determination of such value in .....
Tag this Judgment!Court : Mumbai
Reported in : [1977]106ITR709(Bom)
..... submitted that the earlier view was in the context of the provisions of section 4(3)(i) of the indian income-tax act, 1922, which are not the same as the provisions of section 5(1)(i) of the wealth-tax act, 1957, and consequently although the property held under trust may not be wholly for religious or charitable purposes as required under section 4(3)(i) of the indian income-tax act, the trust may nevertheless be a trust for a public purpose of a charitable nature within the meaning of section 5(1)(i) of the wealth-tax act. ..... (1) 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 - (i) any property held by him under trust or other legal obligation for any public purpose of a charitable or religious nature in ..... which was urged before the appellate assistant commissioner was that the quantum of net wealth determined by the wealth-tax officer was wrong, as the wealth-tax officer should have applied the exemption under section 5(1)(i) in the same ratio as income from the assets were exempted for income-tax purposes under section 4(3)(i) of the indian income-tax act, 1922. ..... on a fair and proper construction it appears that the trustees are directed to realise the net rent income for the following five objects : (1) for payment of monthly pocket expenses and annual clothing allowances to the members of the families of the settlor and his brothers; (2) for baj rojgar (ceremonies .....
Tag this Judgment!Court : Mumbai
Reported in : [1973]90ITR429(Bom)
..... daga contended before a division bench of this court that there was no provision in the wealth-tax act, 1957, entitling the revenue to charge wealth-tax in respect of the wealth of a deceased person from after the financial year next to the financial year in which such ..... considering section 19 along with the definitions contained in the act and sections 4 and 5, the division bench held that there was no provision in the wealth-tax act in respect of assessing wealth-tax on the estate left by a deceased individual except to the extent as provided in section ..... the court came to the conclusion that there was no provision in the wealth-tax act for charging and assessing wealth-tax in respect of the net wealth of a deceased individual beyond the financial year in which such person dies and that there was no further liability attached to the estate left by a deceased individual and continuing in the hands of the executors, administrators ..... the provisions in sub-section (2) when read with sub-section (1) clearly indicate that the provisions in this section were to enable the revenue to recover wealth-tax in respect of the net wealth of the deceased person for the financial year in which the person died. ..... was whether under section 4(3)(i) of the indian income-tax act, 1922, income received by the tribune trust was exempted from liability to pay any tax. ..... of the assessee, the tribune trust, was that the income of the trust was exempt from tax under section 4(3)(i) of the indian income-tax act. .....
Tag this Judgment!Court : Mumbai
Reported in : [1968]70ITR600(Bom)
..... they cannot be treated as an association of persons and exempted from wealth-tax on the ground that an association of persons is not an entity mentioned in the charging section of the wealth-tax act, 1957. ..... benefit of the hindu community in general or for way as they may consider most advantageous to the objects of the charity and they would have the liberty to hand over the whole of the unspent balance of the net income, if any, or so much of it as has not been used and applied for the aforesaid purposes, to another trust named 'goverdhandas govindram charity trust' to be applied and spent by the trustees of the said trust for the ..... provided for the determination of the liability to pay tax of the trustee, was a mandatory section and the assessment of income returned by a trustee, whether it was derived from property held by him or from a business carried on by him from the ownership of shares, could only be made in accordance with the special provisions laid down in that section, and that it was not open to the department to ignore the provisions of section 21 as it stood at the material time failed to achieve its purpose ..... the scheme of the wealth-tax act and the provisions of the several sections in the act as also the forms of the returns, etc. ..... he has in that connection invited our attention to the provisions of section 6 and 8 of the act and the forms of returns required to be filled in and verified under the act. 26. .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]114ITR732(Bom)
..... thus, the following three questions have been referred to this court under section 27(1) of the wealth-tax act; (1) whether, on the facts and in the circumstances of the case, for the purposes of including in the net wealth of the company for the assessment years 1957-58 and 1958-59 the value of the fixed assists of the company should be taken at the written down value thereof as determined under the income-tax or at the written down value as shown in the balance-sheet on ..... now, so far as the chargeability of wealth-tax is concerned, under section 3 of the wealth-tax act, the tax is charged in respect of the net wealth on the corresponding valuation date of the ..... referring to the provisions of section 3 of the wealth-tax act, it was further observed : 'such net wealth is to be computed in the manner indicated in section 4 and the assets which are to be exempted from the computation of the net wealth are enumerated in section 5. ..... court in that case was dealing with a similar question as to whether the amount standing in the service line accounts should not be taken into account for the purposes of computation of the net wealth and the supreme court has held that such amount was not deductible in determining the net wealth of the assest under section 7(2)(a) of the wealth-tax act ..... of the assists which has to be taken into account for the purposes of computing the net wealth of the assessee has to be determind in accordance with the manner prescribed in section 7 of the wealth-tax act. .....
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