Court : Mumbai
Reported in : (1995)125CTR(Bom)461; [1995]213ITR1(Bom)
..... when the bank was sought to be assessed to tax under the wealth-tax act in respect of the net wealth of the trusts in question, it claimed exemption under section 5(1)(i) of the wealth-tax act, 1957 ('the act'). ..... by this reference made under section 27(1) of the wealth-tax act, 1957, at the instance of the revenue, the following question has been referred by the tribunal to this court for opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the wealth of the trust is exempt under section 5(1) of the wealth-tax act, 1957 ?' 2. ..... we are, therefore, of the clear opinion that the tribunal was right in holding that the net wealth of the two trusts in question was exempt from wealth-tax under section 5(1)(i) of the wealth-tax act. ..... - subject to the other provisions contained in this act, there shall be charged for every assessment year commencing on and from the first day of april, 1957, a tax (hereinafter referred to as 'wealth-tax') in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the rate or rates specified in the schedule.' 7. ..... the levy of wealth-tax in respect of the net wealth of companies was, however, discontinued for and from the assessment year 1960-61 (vide section 13 of the finance act, 1960). 8. .....
Tag this Judgment!Court : Mumbai
Reported in : [1963]50ITR267(Bom)
..... 2,95,869 paid by the assessee after the valuation date in accordance with the notice of demand dated october 20, 1956, is an admissible deduction under sections 7(2) and 2(m) of the wealth-tax act for the purpose of computation of the net wealth of the assessee for the assessment year 1957-58 (2) whether, on the facts and circumstances of the case in computing the net wealth of the assessee under section 7(2) read with section 2(m) of the wealth-tax act, the liability for income-tax and business profits tax could be allowed as a deduction ? ..... other than, - (i) debts which under section 6 are not to be taken into account; (ii) debts which are secured on, or which have been incurred in relation to, any asset in respect of which wealth-tax is not payable under this act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953, the expenditure-tax act, 1957, or the gift-tax act, 1958 - (a) which is outstanding on the ..... commissioner of wealth-tax and which also is one of the questions that arises before us, was whether in computing the net wealth of the assessee the amount for the payment of income-tax and super-tax in respect of the income of the year of account was a debt owed within the meaning of section 2(m) of the wealth-tax act and as such deductible in computing the net wealth of the assessee. .....
Tag this Judgment!Court : Mumbai
Reported in : 2000(3)BomCR122; (2000)1BOMLR132; 2000(2)MhLj732
..... commissioner of commercial taxes (supra), the division bench of the andhra pradesh high court had to decide the question whether 'battery plates' and 'battery covers' are taxable under entry 3 or entry 38 of the first schedule or as unclassified goods under the andhra pradesh general sales tax act, 1957. ..... in a rupee under section 5(1)(a) of the bengal finance (sales tax) act, 1941.14. ..... on the other hand, learned advocate general, shri coelho pereira, has argued that the burden of proof in terms of section 9 of the said act in respect of any sale effected by a dealer lies on him when the dealer takes a plea that he is not liable to pay tax and that the petitioner has not discharged the burden of proof cast on it. ..... it was pointed out by him that the 'spare parts' were included in the twelfth schedule to the said act with effect from 1st april, 1992 to 29th march, 1995, after which they were classified under residuary clause (xxviii) of section 7(1) of the said act and thereafter they were included in the thirteenth schedule. ..... the petitioner aggrieved by the said order of the commissioner of sales tax, has filed the writ petition in question for the purpose of quashing the impugned order and for directions that the brake shoes are classifiable under clause (xviii) of sub-section (1) of section 7 of the sales tax act, 1964. ..... section 4 of the said act provides for levy of tax and section 7 provides for rate of tax. .....
Tag this Judgment!Court : Mumbai
Reported in : 1999(4)ALLMR52; 1999(3)BomCR691; 2000(1)MhLj637
..... amendment, which came into effect from 1-4-1989, was as under:'if (a) the assessing officer has reason to believe that, by reason of the omission or failure on the part of an assessee to make a return under section 139 for any assessment year to the assessing officer or to disclose fully and truly all material facts necessary for his assessment for that year, income chargeable to tax has escaped assessment for that years, or(b) notwithstanding that there has been no omission ..... therefore, unless there is a clear case, which would give the assessing officer to exercise the jurisdiction to reopen the assessment under section 148 read with section 147 of the income tax act, 1961, it would not be valid and proper. ..... bodke, learned counsel for the petitioner submitted that since the fact of receipt of a particular income and the nature of the income was disclosed fully in the income-tax and wealth tax returns and the claim of the petitioner that the said income was not taxable, was accepted by the income-tax officer, it is not now within the competence of the income-tax officer to re-open the case on the ground that he had taken a mistaken view. ..... wagle (now deceased through her legal representatives), challenging the validity of a notice issued under section 148 of the income tax act, 1961, praying for quashing the said notice and an order of prohibition preventing the respondent income tax authorities from proceeding in furtherance of the said notice. .....
Tag this Judgment!Court : Mumbai
Reported in : (1988)67CTR(Bom)197; [1988]170ITR648(Bom)
..... in computing the net wealth of the assessee as on march 31, 1964, and march 31, 1965, relevant to the assessment years 1964 and 1965-66, the wealth-tax officer included the market value of the aforementioned shares in the net wealth of the assessee, invoking the provisions of section 4(1)(a)(iii) of the wealth-tax act, 1957. ..... 1, which was included under section 4(1)(a)(iii) of the wealth-tax act, 1957, in the net wealth of the assessee ?'3. ..... 2 under the indentures of trust dated march 29, 1961, or any part thereof, is includible in the net wealth of the assessee as on the valuation dates relevant to the assessment years 1964-65 and 1965-66 under section 4(1)(a)(iii) of the wealth-tax act, 1957 ?'4. ..... they read thus :'(i) whether, on the facts and in the circumstances of the case, the tribunal erred in law in holding that the assessee was not entitled to exemption under section 5(1)(viii) of the wealth-tax act, 1957, in respect of jewellery and ornaments of the value of rs. ..... (ii) whether section 5(1)(viii) of the wealth-tax act, 1957, as retrospectively amended, applied to the case of the assessee in so far as the claim for exemption of jewellery and ornaments of the aggregate value of rs. ..... the tribunal decided the issue on the basis which is indicated in the second question, namely, the retrospective amendment of section 5(1)(viii) of the wealth-tax act, 1957. ..... it is necessary to note the relevant provisions of the wealth-tax act, 1957. .....
Tag this Judgment!Court : Mumbai
Reported in : [1992]196ITR340(Bom)
..... are application under section 27(3) of the wealth-tax act, 1957 ('the w. t ..... practical difficulties in assessing the actual value of such shares, the central board of direct taxes, in terms of the authority conferred on it by section 46 of the wealth-tax act, made rule 1d of the wealth-tax rules, 1957 ('the rules'), fixing a statutory formula for computation of the value for the purposes of the wealth-tax act. ..... substance of the matter is whether the expression 'tax payable with reference to the book profits in accordance with the law applicable thereto', used in clause (ii) (e) if explanation ii to rule 1d means the net tax after deducting the advance tax actually paid and shown on the assets side in the balance-sheet of the company, or the gross tax payable in its entirety in accordance with law. ..... heard shri chandurkar, learned counsel for the department, and considered the conflicting view-points, it seems to us that, given the expression 'tax payable with reference to the book profits in accordance with the law applicable thereto', the literal meaning - which normally ought to be given to a taxing statute - it means the gross tax imposable on the book profits and not the net payable after deducting the amount representing the advance tax paid. 6. ..... is obvious that under the operative part of rule 1d, the main provision, the balance-sheet of the company so ordinarily to be taken on it face value for the purpose of arriving at the break-up value of share on the basis of net worth. .....
Tag this Judgment!Court : Mumbai
Reported in : [1995]215ITR356(Bom); 1995(2)MhLj35
..... by this reference under section 27(1) of the wealth-tax act, 1957, the following question of law has been referred by the income-tax appellate tribunal to this court for opinion : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding that the reversionary value of the land was not includible ..... this reference relates to her assessments under the wealth-tax act for the assessment years 1975-76 and 1976-77, the relevant valuation dates being march 31, 1975, and march 31, 1976, respectively. ..... ashima sinha : [1979]116itr26(cal) , accepted the contention of the assessee and directed the wealth-tax officer to work out the value of the assessee's share in the property on the capitalised rental valuation adopted by the departmental valuation officer without adding the reversionary value of the land. ..... the commissioner of wealth-tax (appeals), following the decision of the calcutta high court in cwt v. ..... aggrieved by the addition of the reversionary value of the land to the value of the property in question arrived at by the departmental valuer by the rent capitalisation method, the assessee appealed to the commissioner of wealth-tax (appeals). ..... 5,16,812 as reversionary value of the land thereto and then arrived at the net value of the property at rs. .....
Tag this Judgment!Court : Mumbai
Reported in : 1990(3)BomCR36; (1990)87CTR(Bom)53; [1990]186ITR578(Bom)
..... the expression 'asset' is defined in the section 2(e) of the wealth-tax act to inculde property of every description movable or immovable ..... counsel for the department, contended that the decision rendered under the wealth-tax act were distingushable inasmuch as the expressions 'property' and 'property passing on death' had definite meanings under the estate duty act, being defined under sections 2(15) and 2(16) of the estate duty act. ..... tax demanded and not paid was held to be debt owed by the tax assessee within the meaning of clause (m) of section 2 of the wealth-tax act ..... ]152itr599(mad) and, directed the tribunal to refer the question of law to it under section 27 of the wealth-tax act. ..... no material difference between 'asset' under the wealth-tax act and 'property' under the estate duty act.10. ..... in cases (supra) have admitedly held that refund falling due as a result of the assessment order or any other after the valuation date is not an 'asset' on the valuation date under the wealth-tax act. ..... it cannot, therefore, be accepted that just because, on the basis of the returned income for the financial year ending march 31, 1976, the deceased would be entitled to refund of a particular amount, the right to refund, as distinct from a mere right to claim, had accrued to the deceased before ..... 1988]170itr197(ker) , held that the assets on the valuation date are 'net dividend' and not 'gross dividend', the tax deducted at source from the dividend not being an asset on the valuation date.7 .....
Tag this Judgment!Court : Mumbai
Reported in : [1965]56ITR648(Bom); 1965MhLJ55
..... (2) where a person dies without having furnished a return under the provisions of section 14 or after having furnished a return which the wealth-tax officer has reason to believe to be incorrect or incomplete, the wealth-tax officer may make an assessment of the net wealth of such person and determine the wealth-tax payable by the person on the basis of such assessment, and for this purpose, may, by the issue of the appropriate notice which would have had to be served upon the deceased person if he had survived, ..... also no substantial difference between sub-section (3) of section section 24b of the income-tax act and sub-section (2) of section (3) of section 24b of the income-tax act and sub-section (2) of section 19 of the wealth-tax act. ..... not to adopt the whole ratio of the decision of the supreme court in the above two cases in above two cases in connection with the construction of the provisions of section 19 of the wealth-tax act which are in all particulars similar to the provisions in section 24b of the income-tax act. ..... , it is relevant to paint out that the provisions in section 24b of the income-tax act, 1922, are similar to the provisions in section 19 of the wealth-tax act. ..... the main contention of the petitioners is that there is no provision in the wealth-tax act, 1957 (27 of 1957), entitling the revenue to charge, assess and recover wealth-tax in respect of the wealth left by a deceased person from after the financial year next to the financial year in which such .....
Tag this Judgment!Court : Mumbai
Reported in : [1976]103ITR384(Bom)
..... reference under section 27 of the wealth-tax act, 1957 (hereinafter referred to as 'the act'), the ..... material question to be decided for the purpose of section 3 of the wealth-tax act is to determine to who did a particular asset ..... of the revenue, is that under the charging section 3 of the act wealth-tax is to be charged as a tax in respect of the net wealth on the corresponding valuation date of every company ..... year for which the accounting year of the licensee is the previous year, on the amount of development rebate to which the licensee is entitled for the accounting year under clause (vi)(b) of sub-section (2) of section 10 of the indian income-tax act, 1922 : provided that if in any accounting year, the clear profit (excluding the special appropriation to be made under item (va) of the clause (c) of sub-paragraph (2) of paragraph ..... tax act an assessee's real income is to be determined and taxed for income-tax purposes, so also under the wealth-tax act it is really the assessee's net wealth that is to be determined and subjected to tax for wealth-tax ..... xvii together with the accumulations, if any, in the tariffs and dividends control reserve less the same calculated as aforesaid falls short of the reasonable return, the sum to be appropriated to the development reserve in respect .....
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