Court : Punjab and Haryana
Reported in : (1999)154CTR(P& H)503; [1999]237ITR376(P& H); [1999]106TAXMAN274(Punj& Har)
..... case where penalty had been imposed under section 18(1)(a) of the wealth-tax act on account of the appellant's failure to furnish the return of wealth within the time allowed in the relevant ..... the assessing officer levied penalty also for failure to furnish returns, without reasonable cause, under section 271(1)(a) of the act.the petitioner filed an application under section 273a of the act before the commissioner of income-tax , seeking waiver of interest and penalty charged and levied ..... cwt : [1997]224itr418(sc) had an occasion to examine a matter regarding waiver of penalty under section 18b of the wealth-tax act, which is analogous to section 273a of the act, where under also a similar discretion has been conferred on the commissioner for either reducing the penalty or granting ..... held that under section 18b of the wealth-tax act, the following five conditions are required to be fulfilled (page 126) :'(1) that the returns were filed by the petitioner prior to the issuance of a notice to her under sub-section (2) of section 14 of the act(2) that these were filed voluntarily and in good faith ;(3) that the petitioner had made full and true disclosure of her net(4) that she had co-operated in the inquiry relating to the assessment of her net wealth ; and(5) ..... the common factor is the making of a full and true disclosure of income voluntarily and in good faith;this court had also an occasion to examine a matter under section 18b of the wealth-tax act, 1957, in parkash devi (smt.) v. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1982)27CTR(P& H)1; [1983]141ITR122(P& H)
..... she took the anticipatorystep of filing an application under section 18b of the act to the commissioner on the assumption that failure, without reasonable cause, to furnish the returns of net wealth which she was required to furnish under sub-section (1) of section 14, would attract the penalty under section 18 ; for the returns which she filed voluntarily on april 22, 1978, she paid the full amount of the total tax due on the returned wealth. ..... -section (1) of section 18 for failure without reasonable cause to furnish the return of net wealth which such person was required to furnish under 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 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 ..... act, 1957 (for short 'the act'), can ignore his recorded satisfaction to the statutory conditions embodied in section 18b, while exercising discretion in that direction ?2. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1994]205ITR417(P& H)
..... petitioner filed the returns relating to the years 1975-76 to 1981-82 and there has been no wilful failure on the part of the petitioner, that the complaint has been filed on march 27, 1991, and that it is liable to be quashed on account of undue delay, though according to the version of the complainant, the alleged offence was completed on july 1, 1980 ; that no notice was served on the petitioner under section 14(2) of the wealth-tax act, 1957 ; that a notice under section 35b of the wealth tax act was received on october ..... section 17(1) of the wealth-tax act, 1957, as incorporated with effect from april 1, 1989, reads as under ;'if the assessing officer has reason to believe that the net wealth chargeable to tax in respect of which any person is assessable under this act has escaped assessment for any assessment year (whether by reason of underassessment or assessment at too low a rate or otherwise), he may, subject to the other provisions of this section and section 17a, serve on such person a notice requiring him to furnish within such period, not being less than .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1993)112CTR(P& H)325; [1993]205ITR417(P& H); [1993]69TAXMAN297(Punj& Har)
..... since return was not filed for the assessment year 1980-81, within the statutory period, the prosecution of the assessee has been launched under section 35b of the wealth-tax act, 1957.in the present petition, it has been alleged that the petitioner is a widow aged 62 and has been assessed to income-tax, but she was never advised by her counsel that she was liable to pay any wealth-tax; that when a notice was received under section 17 of the wealth-tax act, she ..... section 17(1) of the wealth-tax act, 1957, as incorporated with effect from april 1, 1989, reads as under :'if the assessing officer has reason to believe that the net wealth chargeable to tax in respect of which any person is assessable under this act has escaped assessment for any assessment year (whether by reason of underassessment or assessment at too low a rate to otherwise), he may, subject to the other provisions of this section and section 17a, serve on such person a notice requiring him to furnish within such period, not being ..... that the petitioner failed the returns relating to the years 1975-76 to 1981-82 and there has been no willful failure on the part of the petitioner, that the complaint has been filed on march 27, 1991, and that it is liable to be quashed on account of undue delay, thought according to the version of the complainant, the alleged offence was completed on july 1, 1980; that no notice was served on the petitioner under section 14(2) of the wealth-tax act was received on october 25, 1990 .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1999)121PLR443
..... 18(1)(a) of the wt act on account of the appellant's failure to furnish the return of wealth within the time allowed in the relevant assessment ..... ao levied penalty also for failure to furnish returns, without reasonable cause, under ..... assessee had voluntarily filed the wealth-tax returns before the issuance of any ..... contended by the assessee that penalty should be waived because he had voluntarily and in good faith made full disclosure of his net wealth by filing the wealth-tax returns for the relevant assessment years prior to issuance of any notice. ..... 14 of the act; (2) that these were filed voluntarily and in good faith; (3) that the petitioner had made full and true disclosure of her net wealth; (4) that she had co-operated in the inquiry relating to the assessment of her net wealth; and (5) that she had paid or made satisfactory arrangements for the payment of the tax or interest payable in consequence of an order passed under the act in respect of the relevant ..... learned counsel for the petitioner, has argued that the petitioner had voluntarily filed returns and had also paid tax on the returned income by way of self-assessment, for all the assessment years. ..... circumstances, the petitioner cannot be held liable for penalty for failure to file the returns of income in the earlier years. ..... 139(8) and 217 of the act, is partly quashed with the direction that interest shall be charged under the aforesaid sections for one year from 1st april, 1991 to 31st march ..... the wt act, 1957 in smt. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)197CTR(P& H)204; [2005]275ITR356(P& H)
..... the return of net wealth for the assessment years 1982-83 and 1983-84 were due to be filed by the assessee under section 14(1) of the wealth-tax act, 1957, (for short 'the act'), on or before june 30, 1982, and june 30, 1983, respectively. ..... on the other hand, under the wealth-tax act, there is no provision for advance payment of tax and, therefore, the tax has to be deposited with the filing of the return. ..... the assessee, was therefore, statutorily required to file the returns of net wealth within the time prescribed under section 14(1) of the act.5. ..... in a given case, there may not be any tax payable on the returned income and, thus, even if such a return is filed late, no penalty for late filing of the return under section 271(1)(a) of the income-tax act, 1961, would be leviable nor would it attract the levy of any penal interest. ..... it was further pleaded that there was a delay in filing the income-tax returns for the two years in question as well and thus, the delay up to the date of filing of those returns should be considered as a reasonable cause for delay in filing the wealth-tax returns, which could not have been filed without the determination of tax liability under the income-tax act. ..... the assessee preferred appeals before the commissioner of wealth-tax (appeals) and it was submitted that since the assessments had been framed on protective basis, no penalty was leviable under section 18(1)(a) of the act in view of the judgment of this court in cit v. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2006]284ITR371(P& H)
..... assessment year 1978-79, to this court for its opinion:(i) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in allowing deduction under section 5(1)(iv) of the wealth-tax act, 1957, in respect of the assessee's share in the land and building of the firm in which he is a partner? ..... this is a petition filed under section 27(3) of the wealth-tax act, 1957, seeking a direction to the income-tax appellate tribunal, chandigarh bench, chandigarh, to draw up a statement of case and refer the following questions of law, arising out of the order dated september ..... moreover, rule 2 of the wealth-tax rules providing for the detailed method of determining the value of the interest of a person in a firm of which he is a partner is a pointer to the fact that in the context of wealth-tax, a partner can claim to have a specific interest in its assets exclusively apart from his interest ..... (iii) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that multiple of 8.33 should be applied for ..... (ii) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that the following deductions should be allowed in computing commercial ..... the apex court held that the interest of a partner in a partnership firm belonged to him and would be includible in his 'assets' and will have to be taken into account while computing his net wealth. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2003)184CTR(P& H)359; [2003]262ITR403(P& H)
..... this is an appeal under section 27a of the wealth-tax act, 1957 (for short, 'the act'), for determination of the following questions of law :'(i) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that flat in 'reviera apartment' delhi, okhla industrial area, delhi, and hotel site in chandigarh did not belong to the assessee within the meaning of section 2(m) of the wealth-tax act and hence could not be assessed, as such in his hands merely ..... on the ground that these have not been transferred in his name particularly when the assessee had made full consideration of the value of the property but did not get it transferred intentionally/otherwise and had also subsequently declared it as an asset in his wealth-tax return for the assessment year 1995-96 under similar ..... mere possession, or joint possession, unaccompanied by the right to be in possession or ownership of property, would, therefore, not bring the property within the definition of 'net wealth' for it would not then be an asset 'belonging' to the assessee.'' 3. ..... mere possession or joint possession unaccompanied by the right to be in possession or ownership of property would, therefore, not bring the property within the definition of 'net wealth' for it would not then be an asset 'belonging' to the assessee. ... .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1968]67ITR138(P& H)
..... the court, as given in the head-note, are as follows :'(i) that the first consideration before holding a receipt to be profit or gains within section 10 of the income-tax act was to see if there was a business at all of which it could be said to be income. ..... the respondent urged that section 6 of the indian income-tax act deals with six heads of income, profits and gains that are chargeable to income-tax. ..... were put aside by sir george lowndes with this observation :...their lordships would discard altogether the case law which has been so painfully evolved in the construction of the english income tax statutes - both the cases upon which the high court relied and the flood of other decisions which has been let loose in this board....it is thus obvious that though the english ..... and also in formally assisting in the promotion of the company which was ultimately to exploit the concessions, he was doing something with an eye to make money out of it and this was not an act or series of acts done by him without an eye to make profit or with a view to get something with an eye to make money out of it and this was not ..... they entered into an agreement by which (1) subbulakshmi was to continue to the act in the picture; (2) out of the net collections over and above the amount advanced by the financier, 50 percent was to be paid to subbulakshmi and the assessee 'towards remuneration for services rendered by them'; (3) the copywrites in ..... on the yearly net profits earned by the company from the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1973]91ITR501(P& H)
..... question in that case was whether reference to amounts collected by way of tax under that act in section 11(2) of the act, could mean all the tax collected by the assessee irrespective of the fact whether he could collect the same under the act or not, and while interpreting sub-sections (1) and (2) of section 11 of the act, it was held by the mysore high court that the words 'amount collected by way of tax under this act' in section 11(2) of the act could only mean sums collected in respect of sale transactions on which ..... consideration for the sale of the liquor and was part of the price of what was sold ; it did not make any difference that the additional amount was entered in a separate ledger termed 'empty bottles return deposit account', for what was a consideration for the sale did not cease to be so by being written up in the books in a particular manner ; nor did the fact that the price of the bottles was repaid as and ..... it is manifest from this decision of the supreme court that the amount, though taken as security for the return of the empty bottles, was held to be an integral part of the commercial transaction. ..... the moneys described as security deposits were also returned as and when the bottles were returned but in this case the entire sum taken in one transaction was refunded when 90 per cent. ..... the contention that the moment a purchaser makes a demand from the assessee for the return of the sales tax paid by him which was. .....
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