Court : Mumbai Nagpur
..... section 3 of the wealth-tax act, 1957 stipulates that subject to the other provisions of the wealth-tax act for every assessment year, a wealth tax in respect of net wealth on corresponding valuation date of every individual at the rate specified in schedule-i is to be charged. ..... he has invited our attention to provisions of subsection (q) of section 2 of the wealth-tax act, 1957, which defines valuation date and stated that it adopts definition of previous year as in section 3 of the income-tax act, 1961. ..... this mandate of section 4(1)(b) read with section 7(1) of the wealth-tax act and rule 2(1) of the wealth-tax rules show a procedure or code within the wealth-tax act and the wealth-tax rules framed thereunder for finding out net wealth of the assessee, who is a partner in a firm. ..... section 2(q) of the wealth-tax act defines valuation date with reference to any year for which an assessment is to be made under the wealth-tax act, to mean the last date of the previous year as defined in section 3 of the income-tax act, if an assessment was to be made under the income-tax act for that year. ..... as per section 4(1)(b) of the wealth-tax act, where the assessee is a partner in a firm, value of his interest in the firm or association determined in prescribed manner is also to be included in his net wealth. ..... as net wealth means the excess of assets over liabilities, he points out how section 7 of the wealth-tax act prescribes a procedure therefor. .....
Tag this Judgment!Court : Mumbai Nagpur
..... section 3 of the wealth-tax act, 1957 stipulates that subject to the other provisions of the wealth-tax act for every assessment year, a wealth tax in respect of net wealth on corresponding valuation date of every individual at the rate specified in schedule-i is to be charged. ..... he has invited our attention to provisions of subsection (q) of section 2 of the wealth-tax act, 1957, which defines valuation date and stated that it adopts definition of previous year as in section 3 of the income-tax act, 1961. ..... this mandate of section 4(1)(b) read with section 7(1) of the wealth-tax act and rule 2(1) of the wealth-tax rules show a procedure or code within the wealth-tax act and the wealth-tax rules framed thereunder for finding out net wealth of the assessee, who is a partner in a firm. ..... section 2(q) of the wealth-tax act defines valuation date with reference to any year for which an assessment is to be made under the wealth-tax act, to mean the last date of the previous year as defined in section 3 of the income-tax act, if an assessment was to be made under the income-tax act for that year. ..... as per section 4(1)(b) of the wealth-tax act, where the assessee is a partner in a firm, value of his interest in the firm or association determined in prescribed manner is also to be included in his net wealth. ..... as net wealth means the excess of assets over liabilities, he points out how section 7 of the wealth-tax act prescribes a procedure therefor. .....
Tag this Judgment!Court : Mumbai Nagpur
..... within the limit specified by the chancellor; (b) where the vacancy occurs in the office of the vice-chancellor because of death, resignation or otherwise, and it cannot be conveniently and expeditiously filled in accordance with the provisions of sub-sections (1) to (4); (c) where the vacancy in the office of the vice-chancellor occurs temporarily because of leave, illness or other causes ; (d) where the term of vice-chancellor has expired ; or (e) where there is any other emergency ; the chancellor may ..... m/s murlidhar bhagwan das reported in air 1965 supreme court 342, also had an occasion to consider the import of the word any person used in sub-section (3) of section 34 of the income tax act. ..... appoint any suitable person, to act as the vice-chancellor for a [term not exceeding twelve months], in the aggregate as he may specify in his order : provided that, the person so appointed shall cease to hold such office on the date on which the person ..... in addition, he shall be entitled to free furnished residence, a motor car for his use (including its maintenance, repairs and fuel required therefor), with the service of a chauffeur free of charge. ..... rule made returnable forthwith. ..... thana reported in 1957 s.c. ..... union of india reported in air 1957 s.c. .....
Tag this Judgment!Court : Mumbai Nagpur
..... 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. ..... sub-section (3) obliges the valuation officer to pass an order in writing if, he is of the opinion that the return contained a correct declaration of valuation of the asset. ..... there is a reference to report of registered valuer furnished by the assessee to counter the order of valuation officer. ..... assessee then filed a return of income on 08.10.2007, declaring total income of rs. ..... the assessee had in the return, surrendered rs. .....
Tag this Judgment!Court : Mumbai Nagpur
..... the insertion of section 30 in the rddbfi act and absence of such provisions in income tax act 1961 coupled with the fact that even section 29 also contains rider that provisions of second schedule and third schedule to income tax 1961 are applicable only as far as possible, go to show that under section 30 there is no bar to maintain appeal unless the attachment/ seizure is actually effected .the recovery of debts due to banks and financial institutions act,1993 is a special statute. ..... of the jurisdiction of the tribunal; or (iii) is likely to cause any damage or mischief to the property or affect its value by misuse or creating third party interest, the tribunal may direct the defendant, within a time to be fixed by it, either to furnish security, in such sum as may be specified in the order, to produce and place at the disposal of the tribunal, when required, the said property or the value of the same, or such portion thereof as may be sufficient to satisfy the ..... to such other tribunals where the property is situated: provided that in a case where the tribunal to which the certificate of recovery is sent for execution finds that it has no jurisdiction to comply with the certificate of recovery, it shall return the same to the tribunal which has issued it. ..... this court held in the ruling in malaysian airlines (supra) that the concept of failure to pay can be equated with non- payment. ..... non-payment is nothing but failure to pay when due. .....
Tag this Judgment!Court : Mumbai Nagpur
..... it is important to note that against the assessment orders petitioners filed appeals under section 55(7) of the bombay sales tax act, 1959 and those appeals have been dismissed by respondent no.5 vide order dated 31.10.2012, holding the same to be not maintainable ..... petitioners state that for the first time, sales tax department claimed that it had attached property on 04.10.2010, it issued a notice under section 39 of the bombay sales tax act, 1959 on 18.02.2011 for recovery of said amount, and it was received by petitioner ..... and another), to urge that identical issue on scope of provisions of section 55 of the sales tax act has been again gone into there and this court has found that an aggrieved person is not restrained from filing an appeal there- ..... under articles 226 and 227 of the constitution of india, the petitioner a co-operative bank questions common judgment dated 03.05.2013 delivered in second appeal nos.469 to 473 of 2012 by the 4th bench of maharashtra sales tax tribunal at mumbai, holding that it cannot grant leave to petitioners to file an appeal under section 55 of the bombay sales tax act, 1959 and dismissing its appeal as unsustainable. ..... , learned counsel appearing on behalf of the petitioner state that section 55 of the sales tax act, does not deny remedy of filing appeal to the present petitioner, and present petitioner is aggrieved, in as much as entire amount of so called sales tax liability of m/s. ..... rule is therefore issued and made returnable forthwith. 2. .....
Tag this Judgment!Court : Mumbai Nagpur
..... material irregularity in publishing or conducting the sale: provided that (a) no sale shall be set aside on any such ground unless the tax recovery officer is satisfied that the applicant has sustained substantial injury by reason of the non-service or irregularity; and (b) an application made by a defaulter under this rule shall be disallowed unless the applicant ..... commissioner or commissioner in this behalf, the defaulter, or any person whose interests are affected by the sale, may, at any time, within thirty days from the date of the sale, apply to the tax recovery officer to set aside the sale of the immovable property on the ground that notice was not served on the defaulter to pay the arrears as required by this schedule or on the ground of a ..... execution of a certificate, the defaulter, or any person whose interests are affected by the sale, may, at any time within thirty days from the date of the sale, apply to the tax recovery officer to set aside the sale, on his depositing (a) the amount specified in the proclamation of sale as that for the recovery of which the sale was ordered with interest thereon at the rate ..... section [5] also permits recovery by distress and sale of defendants movable property in the manner laid down by the third schedule to the income tax act ..... the hon'ble apex court cautioned that failure to do so may cause substantial injury to the borrower/ guarantor and it would amount ..... returnable .....
Tag this Judgment!Court : Mumbai Nagpur
..... the second contention raised is under section 77 of the maharashtra value added tax act, 2002 (vat act), the investigation of the crime in question cannot be entrusted to the police machinery. ..... 139/2012 for the offences under sections 406, 409, 420, 465, 471, 468, 120b, 34 of ipc and section 74(1)(b)(c)(d)(e), 74(2), 74(3)(b)(o)(r), 74(4) of maharashtra value added tax act, 2002 at police station wani. 3. ..... section 7(1) of the sales tax act empowers the state government to constitute a bureau of investigation for discharging the functions referred to in sub-section (3) thereof. ..... and sections 88(1)(b), (6) and (7) of the sales tax act, 1994 treating as fir. ..... it is quite possible that if after the completion of the investigation the investigating officer may come to the conclusion that the ingredients to constitute a vicarious liability under section 77 of the vat act are not made out and may itself not file charge sheet against such a director against whom there is no material. ..... the consequences of such an interpretation would be that if the person who commits the offence under section 88 of the act also commits other serious offences falling under indian penal code as part of the same transaction neither the regular police nor any special police force nor even the central bureau of investigation can be .....
Tag this Judgment!Court : Mumbai Nagpur
..... section 74ab of the income tax act, 1961 is also relied upon to urge that tax audit has been compulsorily for every person who carries on business, if his total sales, turnover or ..... the question sought to be debated has become academic in view of our findings on contention a; wherein we upheld the levy of luxury tax on pan masala containing tobacco on the ground that the luxury tax act is within the legislative competence of the state legislature under entry 62 of list ii of vii schedule to the constitution of india. ..... in view of the findings recorded in an enquiry conducted under section 32 of the 1986 act, that on the date of the offence the accused-petitioner was not a juvenile for the purposes of the 1986 act, which finding has been affirmed right up to this court, it is of no consequence, insofar as this petition is concerned, as to whether the crucial date for purposes of the 1986 act is the date of commission of the offence or the date when the accused first appears in ..... also invited to provisions of sections 456 and 456a of corporation act to contend that the powers given therein to state government can be exercised only after failure of corporation to make rules ..... controversy and as requested by the parties, matters have been heard finally at the stage of admission by issuing rule, and making it returnable forthwith. 2. ..... 50 crores from tax net and discrimination resulting therefrom, even if exemption of those dealers is quashed assuming it to be discriminatory, petitioners .....
Tag this Judgment!Court : Mumbai Nagpur
..... in such a case the memorandum itself does not create or extinguish any rights in immovable properties and therefore does not fall within the mischief of section 17 (2) of the registration act and is, therefore, not compulsorily registrable; (5) the members who may be parties to the family arrangement must have some antecedent title, claim or interest even a possible claim in ..... is a crystal clear indication that the family arrangement [exh.244] as well as the next document of oral partition reduced to writing [exh.243] was fully accepted by sushilabai and acted upon and she fully understood that except for the properties given to her under exh.244, the remaining properties in the joint family of parakh, including hirabai's, were duly distributed by partition ..... 31st july, 1982, both projected by the plaintiff, and the will [exh.232] dated 26th may, 1982 projected by the defendants, are perverse?no.2.whether the plaintiff having accepted, admitted and acted upon the family settlement dated 20th january, 1982 [exh.244] would be estopped by conduct in setting up a challenge to the same family settlement [exh.244] as not receivable in ..... the property is equitably divided between the various contenders so as to achieve an equal distribution of wealth instead of concentrating the same in the hands of a few is undoubtedly a milestone in the ..... the explanation furnished by the plaintiff is not satisfactory, as admittedly the said suit was ..... commissioner of income tax, new delhi [ ..... income tax, bombay .....
Tag this Judgment!