Court : Punjab and Haryana
Reported in : (1993)111CTR(P& H)52; [1993]203ITR941(P& H)
..... and in the circumstances of the case, the appellate tribunal is right in law in holding that the assessee is entitled to the exemption under section 5(1)(iv) of the wealth-tax act, 1957, in respect of the factory land and building belonging to the firm in which he is a partner ? 2. ..... wealth-tax references made to this court under section 27 of the wealth-tax act, 1957 (hereinafter called 'the act ..... and in the circumstances of the case, the tribunal is right in law in holding that the assessee-hindu undivided family is entitled to the exemption under section 5(1)(iv) of the wealth-tax act in respect of the factory land and building belonging to the firm from which it derived a share of profit ?' 3. ..... 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 ..... return for wealth-tax, each of the assessees valued his share in the house property separately and claimed exemption under section 5(1)(iv) of the act ..... of a house belonging to the assessee : vided that, where the value of such house or part exceeds one hundred thousand rupees, the amount that shall not be included in the net wealth of the assessee under this clause shall be one hundred thousand rupees.' 4. ..... , 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 : (2001)167CTR(P& H)509; [2001]248ITR493(P& H)
..... specific provisions contained in section 292b of the income-tax act, which for the sake of convenience is reproduced below, the proceedings shall not be invalid or deemed to be invalid merely by reason of any omission/defect : 'no return of income, assessment, notice, summons or other proceedings, furnished or made or issued or taken or purported to have been furnished or made or issued or taken in pursuance of any of the provisions of this act shall be invalid or shall be deemed to be invalid merely by reason of any mistake, defect or omission in such return of income, assessment, notice ..... as under (page 477) :'from a combined review of the judgments of this court, it follows that an income-tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income-tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he must record, to believe that, by reason of omission or failure on the part of the assessee to make a true and full disclosure of all material facts necessary ..... inamdar's case : [1981]132itr331(bom) a learned single judge of the bombay high court held that once the wealth-tax officer had accepted the valuation of the land indicated in the return filed by the assessee the notice for reassessment cannot be issued on the premise that the land had been undervalued.28. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1971]80ITR248(P& H)
..... 2673 of 1970), challenging the validity of section 24 of the finance act, 1969, so far as the same amended relevant provision of wealth tax act, 1957, and included the capital value of agricultural land in computing the total assets on which wealth tax is payable.2. ..... section 14 provides for the filing of return by a person whose net wealth on the valuation date was of such an amount as to render him liable to wealth tax under this act. ..... the wealth-tax act, 1957, (act no. ..... the wealth-tax act, 1957, as it stood before 1st april, 1970, was strictly in accord with this entry and the challenge to its vires was repelled by the supreme court in : [1969]68itr897(sc) . ..... section 18 provides for the penalty for failure to furnish the return without any reasonable cause and for furnishing an incorrect return. ..... 2673 of 1970) challenge the constitutionality of the wealth-tax on agricultural land imposed under the wealth-tax act, 1957, as amended by the finance acts, 1969 and 1970.30. ..... 27 of 1957) was passed by the parliament in september 1957 imposing tax on the 'net wealth' on the corresponding valuation date of every individual, hindu undivided family and company. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1974]96ITR101(P& H)
..... case of yuvraj amrinder singh, which has been referred to us by the tribunal for opinion: 'whether, on the facts and in the circumstances of the case, the right or interest of the assessee in the annuity policy is exempt from wealth-tax under the provisions of section 5(1)(vi) of the wealth-tax act, 1957, for the assessment years 1964-65 and 1965-66 '2. ..... said question is in the following terms: 'whether, on the facts and in the circumstances of the case, the right or interest of the assessee in the annuity policy is exempt from wealth-tax under the provisions of section 5(1)(vi) of the wealth-tax act, 1957, for the assessment year 1965-66 '3. ..... assessees claimed exemption under section 5(1)(vi) of the wealth-tax act, 1957. ..... (1) if the annuitant shall die before the date on which the annuity vests, the amount of the single premium paid but without any interest shall be returned to the proposer or in case he shall be then dead to his proving executors or administrators or other legal representatives who should take out representation to his estate or limited to the moneys payable under this policy from any court of ..... the wealth-tax officer did not allow this exemption and included the above-mentioned amounts for the above-mentioned assessment years in the assessees' net wealth. ..... (1) subject to the provisions of sub-section (ia) 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--...... .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1996]222ITR297(P& H)
..... the following question of law has been referred to this court relating to the assessment years 1977-78 and 1978-79 under section 27 of the wealth-tax act, 1957, for the opinion of this court at the instance of the assessee by the income-tax appellate tribunal, amritsar bench, amritsar (hereinafter referred to as 'the tribunal') :'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in adopting the multiple of 12 for reaching the ..... . the assessee filed a petition under section 27(1) of the wealth-tax act, 1957, which was accepted and the question reproduced in the earlier part of the judgment has been referred to this court ..... . under section 7 of the wealth-tax act which was applicable at the relevant time (section 7 of the wealth-tax act stands amended with effect from april 1, 1989), market value had to be determined on the basis of estimate with relation to the price which it would have fetched had it been sold ..... market value has to be determined both for acquisition of immovable property as well as under the wealth-tax act, we see no reason to deviate from the principle laid down in prem nath anand's ..... it may be mentioned that schedule iii has been added to the wealth-tax act by the direct tax laws (amendment) act, 1989, with effect from april 1, 1989, providing a multiple of 12.5 to the net maintainable rent for arriving at the valuation of the immovable ..... . the assessee returned the value of this property on the basis of an approved valuer .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1994]205ITR122(P& H); (1993)105PLR170
..... the said rule (2) whether, on the facts and in the circumstances of the case, the tribunal is right in law in holding that the wealth-tax officer should determine afresh the desirability of referring the valuation of the asset to the valuation officer under section 16a of the wealth-tax act, 1957, keeping in view rule 1bb of the wealth-tax rules (3) whether, on the facts and in the circumstances of the case, the tribunal is right in law in holding that the valuation officer ..... 169(e) was issued on march 30, 1979 (see : [1979]117itr51(guj) ), under section 46 of the wealth-tax act by the central board of direct taxes amending the wealth-tax (amendment) rules, in rule 1(2), it was specifically mentioned that such amended rules would come into force on april ..... , on the facts and in the circumstances of the case, the tribunal is right in law in holding that the benefit of rule 1bb of the wealth-tax rules can be availed of even by an assessee, whose case falls under section 7(4) of the wealth-tax act ?' 2. ..... such value, the assessee should be given an option which might be available to him under section 7(4) of the wealth-tax act.3. ..... the first day of april, 1971, whichever valuation date is later : provided that where more than one house belonging to the assessee is exclusively used by him for residential purposes, the provisions of this sub-section shall apply only in respect of one of such houses which the assessee may, at his option, specify in this behalf in the return of net wealth. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1992]198ITR171(P& H)
..... notice under section 17(1) of the wealth-tax act had been served on the assessee on august 12, 1970, and the revised wealth-tax return in compliance with the said notice was filed on october 14, 1970. ..... subsequently, a notice under section 17 of the wealth-tax act (hereinafter called 'the act') was issued to the assessee and on october 14, 1970, the assessee filed a fresh return disclosing the purchase of the aforesaid plot, as on march 31, 1968, fixing its value at rs. ..... of the net wealth as assessed under section 16 or section17 (the net wealth so assessed being referred to hereafter in this explanation as the correct net wealth), then, such person shall, unless he proves that the failure to return the correct value of the asset or, as the case may be, the correct value of the debt or the correct net wealth did not arise from any fraud or any gross or wilful neglect on his part, be deemed to have concealed the particulars of assets or furnished inaccurate particulars of assets or debts for the purposes ..... the following question has been referred to this court by the income-tax appellate tribunal under section 27 of the wealth-tax act, 1957 :'whether, on the facts and circumstances of the case, the income-tax appellate tribunal was, in law, right in sustaining the penalty of rs. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1992)106CTR(P& H)67; [1992]198ITR54(P& H)
..... v. cwt , happened to consider the provisions of section 18b of the wealth-tax act and noticed the conditions precedent detailed below for the exercise of discretion by the commissioner to reduce/waive penalty in certain situations :(i) that the returns were filed by the assessee prior to the issue of a notice under section 14(2) ;(ii) that these were filed voluntarily and in good faith ;(iii) the assessee had made a full and true disclosure of his net wealth ;(iv) had co-operated in the enquiry relating to the ..... (b) has failed to comply with the notice under sub-section (1) of section 142 or sub-section (2) of section 143 or fails to comply with a direction issued under sub-section (2a) of section 142, or(c) has concealed the particulars of his income or furnished inaccurate particulars of such income,he may direct that such person shall pay by way of penalty--... ..... objective. when the power is given to a public authority for being used for the benefit of a class of persons and the conditions precedent for the exercise are well defined, there is a duty to exercise such power and on failure to perform that duty, courts are not only empowered but are duty bound to interfere ..... therein. similar are the provisions of section 18b of the wealth-tax act, .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1972]83ITR464(P& H)
..... if the amount deposited and subsequently refunded under section 14a(7) continues to retain its original character of business profits, it seems to follow that a statutory accretion to the same must necessarily partake of the same character.we would, therefore, return the answer to the first question in the negative and hold that the amount is not liable to be assessed under 'other sources' but falls within the ambit of section 10 of the income-tax act, 1922. ..... punchhi for the assess contends that the payments under the provincial assessments made by virtue of section 14a of the express profits tax act are paid out of the business profits of the assessee and when subsequently a potion thereof is refunded with the statutory appendages thereto, such an amount cannot lose its original character of being a business income. ..... consequently, the assessee not only received back the excess profits tax paid under section 14a(7) of the excess profits tax act but under the same provision an amount of interest aggregating to rs. ..... the income-tax officer sought to tax the said amounts in the assessment for the year 1957-58 as the interest had been ordered to be paid on the date above-said.it appears, however, that the assessee claimed that the amount abovesaid should be split up and protective assessments were made for the years ..... 68,268 was liable to be assessed under the head 'other sources' in the assessment year 1957-58 ? .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1992)106CTR(P& H)162; [1993]199ITR628(P& H)
..... the next contention raised by learned counsel appearing for the petitioners is that the executing court failed to provide an opportunity to the petitioners in terms of the proviso to section 194a (1) and sub-section (3) of section 194a of the income-tax act, which contemplates giving of an opportunity to the assessee to furnish an affidavit, or a statement in writing to the person responsible for making the payment declaring that his estimated total income assessable for the assessment year next following the financial year in which ..... before the additional district judge, the plea taken by learned counsel appearing for the petitioners was that the executing court was not a person responsible for paying any income by way of interest under section 194a of the income-tax act, 1961, and, therefore, the executing court should not deduct any amount and should order payment of the whole of the amount deposited with it by the respondents without making any deductions. ..... the person responsible for paying has to obtain a permanent account number, keep an account of the various payments made, file the return and in case of default, certain liabilities, penal or otherwise, are attached. ..... section 206 prescribes the filing of returns by the prescribed person in such form and verified in such manner and setting forth such particulars as may be prescribed from time to time.10. .....
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