Court : Punjab and Haryana
Reported in : [1986]161ITR1(P& H)
..... for the assessment year 1975-76, he submitted his wealth-tax return on december 24, 1976, in the status of a hindu undivided family, for self and for his wife as he was married on march 2, 1975, without receiving any notice under section 14(2) or 17 of the act showing net wealth of rs. ..... 1--that the notice under section 14(2) or section 17 of the act, though issued to the petitioner, had not been served on him or that the revised return had been filed by him after the valuation of agricultural lands had been enhanced in the wealth-tax cases of his mother and sister or that an enquiry as regards the valuation had been directed by the wealth-tax officer to the patwari are extraneous considerations and are collateral in nature. ..... for the assessment year 1976-77, without receiving any notice under section 14(2) of the act, he suo motu submitted his wealth-tax return on december 24, 1976, showing net wealth of rs. ..... however, with regard to the assessment year 1973-74, without having received any notice under section 14(2) or 17 of the act, he suo motu submitted his wealth-tax return on august 13, 1974, showing net wealth of rs. ..... the wealth-tax officer issued a notice to the petitioner under section 17 of the wealth-tax act under date october 30, 1972/november 22, 1972, which was served on him on april 22, 1974. ..... 1,48,000 and penalty proceedings under section 18(1)(a) of the wealth-tax act, 1957 (hereinafter called 'the act'), were started against him. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1999]235ITR100(P& H)
..... mittal , in a case where prosecution had been initiated under section 276c and section 277 of the income-tax act read with section 193 of the indian penal code also found that once the income-tax appellate tribunal had recorded that there was no concealment of any income, the complaint should have been ..... july 10, 1981, action was taken under section 133a of the income-tax act by the income-tax officer, on the business premises of the petitioners ..... will not attract penalty under section 271(1)(c) of the income-tax act. ..... was contended that they had committed the offence punishable under sections 276c and 278 of the income-tax act.5. ..... the subsequent events are clear that while the present revision petitions were pending, the commissioner of income-tax (appeals) and the income-tax appellate tribunal had held that additions and penalty on the basis of which the prosecution had started, be ..... wherein the facts involved were that prosecution was launched against the assessee for offences under section 277 of the act along with sections 193 and 471 of the indian penal code on the basis of filing false returns, false accounts and inflated items of purchases. ..... tribunal examined the whole incriminating material against the assessee and arrived at the conclusion that none of the income-tax authorities has clearly established that particular items of purchases were inflated and as such there was no proof of the assessee having concealed his income or having furnished inaccurate and false particulars. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1993]203ITR837(P& H)
..... 1978 raising the following questions for decision of this court under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act') :'1. ..... section 7 of the act provides that the value shall be estimated to be the price which, in the opinion of the wealth-tax officer, it would fetch if sold in the open ..... view of the wealth-tax officer as well as that of the appellate assistant commissioner and held that the assessee was not entitled to claim the exemption envisaged under section 5(1)(xviii) of the act.6. ..... in our considered view, the appellate tribunal had based its finding on relevant material and while the factors taken into consideration by the wealth-tax officer and the appellate assistant commissioner may not be irrelevant or inadmissible, the same must give way in favour of better instances relied ..... the provisions of sub-section (1a), 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. . ..... baldev inder singh filed a return of his wealth under the act as an individual on july 28, 1973, for ..... another asset included in the return was land described as urban and suburban in the revenue estate of gumtala situated on the outskirts of ..... another asset included in the return was land measuring 2,738 bighas at village daryapur in the then ..... the assets included in the return, inter alia, comprised land measuring ..... the return also included land of the assessee in which 3,851 .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2009]181TAXMAN182(Punj& Har)
..... :whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in allowing exemption under section 5(1)(iii) of the wealth-tax act to the assessee in respect of 'mubarak manzil' palace and surrounding lands admeasuring 75 kanals 10-2/3 marlas while she was not a ruler/ex-ruler in terms of central ..... has been preferred by the revenue under section 27a of the wealth-tax act against the order of the income-tax appellate tribunal, chandigarh bench, chandigarh passed ..... wealth-tax act, the assessing officer noticed that value of the house known as 'mubarak manzil' and land appurtenant to it were not shown by the assessee in her wealth tax return ..... :(22) 'ruler' means the prince, chief or other person who, at any time before the commencement of the constitution (twenty-sixth amendment) act, 1971, was recognised by the president as the ruler of an indian state or any person who, at any time before such commencement, was recognised by the ..... -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) to (ii)**(iii) any one building in the occupation of a ruler, being a building which immediately before the commencement of the constitution (twenty-sixth amendment) act, 1971, was his official residence by virtue of a declaration by the central government under paragraph 13 of the merged states (taxation concessions) order, 1949, or paragraph 15 .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2002)176CTR(P& H)529; [2002]256ITR516(P& H)
..... a reference under section 15(6) of the act read with section 16a of the wealth-tax act, 1957, to the ..... it is undoubtedly correct that their lordships of the supreme court while dealing with rule 1bb of the wealth-tax rules, 1957, have observed that (head-note) : 'the rule is procedural and not substantive and is applicable to all proceedings pending on april 1, 1979, when ..... high assessable value under the wealth-tax act... ..... filed a petition under section 26(1) of the gift-tax act, 1958, for reference ..... under ;'now, it is difficult to see how the question whether the valuation of the shares should have been made on the basis of the break-up method by reason of rule 10, sub-rule (2) of the gift-tax rules, can be required to be referred by the tribunal to the high court, it is well settled that no question can be referred to the high court unless it arises out of the order of the tribunal. . . ..... it was specifically recorded that (headnote): 'what the supreme court said in regard to section 6(3) and rule 10(2) of the gift-tax rules, 1958, was that it had not been argued before the tribunal that the break-up method was the ..... --(1) the value of any property other than cash transferred by way of gift, shall, subject to the provisions of sub-sections (2) and (3), be estimated to be the price which in the opinion of the assessing officer it would fetch if sold in the open market on the date on ..... a return as contemplated under the gift-tax act, 1958, for the assessment year 1982-83 was filed by the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1981)25CTR(P& H)101
..... (1) notwithstanding anything contained in this act, the commissioner may, in his discretion, whether on his own motion or otherwise,-- (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 under sub-section (1) of section 14; or...... ..... secondly, by the mere fact that a return has been filed under the advice, suggestion or even at the behest (otherwise than by a notice under section 14(2)) of the wealth-tax officer, it does not cease to be a voluntary return. ..... merely because a wto asks a wealth-tax assessee to file the returns, it cannot be said that the latter is not entitled to the benefit of section 18b. ..... rates applied for 1970-71 and 1971-72 assessment years in respect of land are very low; asked to produce the following information : (i) sale deed of land sold to rakha land colonisers, (ii) exact location of land (iii) * * * (iv) to file wealth-tax returns for 1972-73, 1973-74 and 1974-75......' 2. ..... briefly, the facts are that the petitioner submitted his returns of net wealth for the wealth-tax assessment years 1970-71 and 1971-72 in the status of an huf to the wto under section 14(1) read with section 18 of the w.t. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1976]102ITR812(P& H)
..... should be held to be well established, it can be safely said that urban assets, as defined in the wealth-tax act, form a class by themselves and are clearly distinguish-able from the non-urban assets as they are capable of yielding better returns in the form of income and are the objects of larger amounts of investments because of their potentiality of more rapid appreciation in capital value resulting in a large amount of unearned wealth for their owners than the non-urban assets. ..... large land holdings tax act (31 of 1957) was confiscatory in character and must be struck down as being a colourable piece of legislation. ..... court on november 15, 1973, and was referred to a larger bench of atleast five judges to decide the following points of law, which, the learned judges thought, raised very important and fundamental questions :'(1) whether the rate of wealth-tax imposed on urban immovable property is of a confiscatory nature and (2) whether the penalty provisions as embodied in section 18 of wealth-tax act, are also confiscatory in nature ?' 2. ..... the submission of the learned counsel for the petitioner that wealth-tax is confiscatory in nature because it is levied as a percentage of the capital value of the net wealth and not as a percentage of the annual letting value thereof, has no merit. ..... in that case, the travancore-cochin land tax act (15 of 1955 as amended by act 10 of 1957), imposed a tax called 'land tax' at a flat rate of rs. .....
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 : [1956]30ITR388(P& H)
..... to refer a point which was not raised before of considered by the tribunal, and in this case this particular question was not in the prescribed application, not was it raised within the sixty days allowed by section 66(1) of the income-tax act, and the question referred to us has to be read in the light of paragraph 6 which shows that objection was taken as to the assessees right to get a reference made on this point, but the ..... of law arising out of an order or decision of the assistant commissioner which, at any rate, would not be the law now particularly in view of the requirements of an application in a prescribed form under section 66(1) of the present income-tax act.new piecegoods case was decided by a full bench of bombay high court, but in this case it was not that the question of law was not raised but one of the two aspects of the same ..... the question but only out of the sixth paragraph of the statement of the case, i agree with his view that the matter contained in the second question was never properly before the tribunal under section 66 (1) of the income-tax act, and should never have been allowed to be raised at all on this ground alone.i am also in general agreement with the proposition that no party can be allowed to set up a new case at ..... the learned judge said that the case could not furnish a useful analogy as the scope of the remedy under section 66 of the indian income-tax act has to be determined with reference to the language ..... filed a return showing a .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1998]234ITR595(P& H)
..... question has been referred to this court by the income-tax appellate tribunal, chandigarh (for short, 'the tribunal'), at the instance of the department under section 256(1) of the income-tax act, 1961 (for short, 'the act') :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in cancelling the order passed by the commissioner of income-tax under section 263 of the income-tax act, 1961 ?'2. ..... is whether such an unlawful or void partnership can be treated as a genuine partnership within the meaning of section 185(1) and whether registration can be granted to such a partnership under the provisions of the income-tax act and the rules made thereunder. ..... persons who were strangers to the licence had not been endorsed on the licence in terms of the rules, the firm constituted with those persons was not entitled to be registered for the purposes of income-tax under sections 184 and 185 of the act, because it carried on the business of possessing and selling liquor in violation of the provisions of the punjab excise ..... the commissioner of income-tax, however, cancelled that order under section 263 of the act, holding that the order of the income-tax officer was erroneous and prejudicial to the interests of ..... the income-tax officer under section 185(1)(a) of the act granted registration to the firm, jagdish chand walia and company, ludhiana, for the assessment year 1977-78 on the basis of the partnership deed filed on march .....
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