Court : Delhi
Reported in : ILR1974Delhi282
..... doubt this was a case under the wealth tax act where net wealth was to be computed but the principle settled was that on a construction of the various provisions of the income-tax act and the form in which notice of demand is issued for payment of advance tax, there was no doubt that advance tax payable or paid was just as much a liability of the assessed as income-tax after a regular assessment. ..... of india and others : [1972]85itr19(all) , a bench of the allahabad high court observed that in order to give effect to section 218 of the income-tax act, 1961, the expression 'tax' in section 221 of the act should be 'construed widely so as to include therein advance tax also, and section 221, which provides for the levy of penalty for failure to pay tax, applies to a default in payment of advance tax also.'(35) mr. r. m. ..... , the learned counsel for the petitioners, that the government's stand that gross assets have to be taken into account, reiterated in the return filed by respondents i to 3, is wholly untenable as the very definition in clause (w) of section 2 would show that it is the value arrived at by deducting the liabilities from the assets which should govern the case as it is done for the purposes of income-tax act and under the provisions of the companies act. ..... petition was filed by the petitioner in that case for a writ of prohibition against his prosecution by the delhi development authority for alleged violation of the master plan under the delhi development act, 1957. .....
Tag this Judgment!Court : Mumbai
Reported in : (1986)52CTR(Bom)169; [1986]161ITR696(Bom); [1986]24TAXMAN492(Bom)
..... whether the property called 'begumpet palace' within the municipal limits of hyderabad consisting of vacant lands of about 108 acres and also buildings enclosed in compound walls constituted 'agricultural land' within the meaning of clause (i) of section 2(e) of the wealth-tax act, 1957. ..... the term has not been defined anywhere in the income-tax or the wealth-tax act and in accordance with well settled principles, the meaning of the term 'agricultural land' will have to be gathered from what is generally understood to be such land or in accordance with popular ..... high court took the view that the intention of the owner to put the land to a particular user is one of the criteria, though not the sole or exclusive criterion, that the actual user may ordinarily furnish prima facie evidence of the nature and character of the land and that the mere fact that the lands are assessed as agricultural lands under the land revenue code or that the said lands ..... account all these circumstances, the only conclusion to which we can arrive at is that the said land which was acquired was non-agricultural land and the capital gains earned thereon are liable to tax under section 45 of the income-tax act, 1961.6. mr. ..... the facts and in the circumstances of the case, the gujarat high court took the view that the gains arising on the sale of the land in question was liable to tax as capital gains under section 45 of the income-tax act, 1961. ..... is a reference under section 256(1) of the income-tax act, 1961. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1990]183ITR568(MP)
..... the appeals were, accordingly, dismissed.thereafter, the revenue made an application under section 27(1) of wealth-tax act, 1957 requesting the tribunal to refer to the high court the questions of law enumerated in para 1 of the order of the tribunal. ..... - this is an application under section 27(3) of the wealth-tax act, 1957, seeking a reference to this court as enumerated in para 3 of the petition.the revenue had filed appeals before the income-tax appellate tribunal, indore bench, indore, against the order of the appellate assistant commissioner directing computation of the penalty, at 2 per cent. ..... of the assessed tax for each month of default for the assessment years 1973-74 to 1975-76. .....
Tag this Judgment!Court : Allahabad
Reported in : [2005]142TAXMAN70(All)
order1. heard sri a.n. mahajan for the department and sri rakesh shanker for the assessee.2. this is a wealth tax reference under section 27(3) of the wealth tax act in which the following questions are sought to be referred to us for our opinion :'1. whether on the facts and in the circumstances of the case the honble income tax appellate tribunal was legally justified in holding that the asset agarwal market is to be assessed in the hands of each of the co-owners separately and not in the hands of assessing officer ?2. whether on the facts and in the circumstances of the case the honble income tax appellate tribunal was legally justified in holding that provisions of section 3 and section 4(1)(b) of the wealth tax act are applicable in this case rather than section 21aa ?'3. similar application has been allowed in cwt v. suresh (wt appeal no. 67 of 1997) uitc 408.4. hence we direct the tribunal to state a case and refer the above questions to us for our opinion.application is allowed.
Tag this Judgment!Court : Delhi
Reported in : (2005)196CTR(Del)528; 122(2005)DLT11; [2005]278ITR490(Delhi)
..... , the provisions of the code of civil procedure where section 33 and order 20 rule 1,2 and 3 provides for pronouncement of judgment in the open court as well as the judgment to be dated and signed by the judge in the open court at the time of pronouncement, there are no provisions under the income tax act which contemplates signing, dating and pronouncing of the orders passed by the tribunal under section 254(i) of the act. ..... office to file an affidavit in regard to the exact facts and the stand of the department arising from the above said three documents.we also direct the registrar, income-tax appellate tribunal to submit the report to this court before the next date of hearing as to whether the letter dated 3rd march, 2004 was received by them or not, if received, what action has been taken. ..... counsel appearing for the tribunal contended that keeping in view the provisions of the income tax act, 1961 (hereinafter referred to as 'the act'), it is not obligatory upon the appellate tribunal to pronounce final orders upon listing. ..... learned counsel appearing for the income tax appellate tribunal fervently argued that section 254(i) of the act requires the tribunal to pass an 'order' and communicate the same to the party as contemplated under section 254(iii) of the act read with rule 35 of the rules ..... notice to show cause why the appeals be not admitted returnable on 10th september, 2002, was issued by a division bench of this court in all the above appeals vide order dated 20th may, .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1975SC797; [1975]98ITR209(SC); (1975)3SCC765; [1975]2SCR640
..... (2) of which provided:in making any assessment under the indian income-tax act, 1922, all depreciation actually allowed under any laws or rules of a merged state relating to income-tax and super-tax, shall be taken into account in computing the aggregate depreciation allowance referred to in sub-clause (c) of the proviso to clause (vi) of sub-section (2) and the written down value under clause (b) of sub-section (5) of section 10 of the said act.provided that where in respect of any asset, depreciation has been allowed ..... 8 and 13 of the report in straw products' case (supra) to the effect that by the application of the indian income-tax act, 1922, to the merged states 'a difficulty did arise in the matter of determining the depreciation allowance under section 10(2)(vi)' which corresponds to section 32(1)(ii) of the 1961 act, and that this 'difficulty' was removed by the taxation laws merged states removal of difficulties order 1949.22. ..... under that few there was no provision for granting depreciation allowance; the net profits and gains of the business were not calculated and the tax was levied at a certain percentage on the gross income or turnover of the business, irrespective of whether the assessee had made profits or suffered losses.7. ..... indeed, under that law the tax was levied not on net income but on gross turnover of the business. ..... as noticed already, the portuguese law was not a law imposing tax on net income. .....
Tag this Judgment!Court : Kolkata
Reported in : (1987)59CTR(Cal)23,[1987]168ITR86(Cal)
..... in his return of net wealth, the assessee claimed exemption under section 5(1)(iva) of the wealth-tax act, 1957, in respect of his share of the agricultural land of ..... on the facts and in the circumstances of the case, the tribunal was legally justified in holding that exemption under section 5(1)(iva) of the wealth-tax act, 1957, should be allowed up to the admissible limit in determining the net wealth of the partnership firm in which the assessee is a partner ? 2. ..... on the facts and in the circumstances of the case, the tribunal was right in holding that exemption under section 5(1)(iva) of the wealth-tax act, 1957, was not allowable to the assessee to the extent of 1/5th of the agricultural land held by the firm, ' kumaon orchards', in determining his net wealth ?' 7. ..... on applications both by the revenue and the assessee under section 27(1) of the wealth-tax act, 1957, the tribunal has referred the following questions, as questions of law arising out of its order, for the opinion of this ..... case, another division bench of this court again held that where the interest of an individual partner in the assets of a firm was chargeable to wealth-tax, the partner would be entitled to claim exemption in respect of his share in a house property of the partnership firm under section 5(1)(iv) of the wealth-tax act, 1957, in the computation of his wealth. ..... it is convenient to note at this stage the relevant sections of the wealth-tax act, 1957, and the rules which were in force in the relevant .....
Tag this Judgment!Court : Allahabad
Reported in : [1970]76ITR104(All)
..... this is a reference under the wealth-tax act, 1957 (hereafter referred to as 'the act'). ..... there is a similar presumption under the wealth-tax act, 1957. ..... under section 3 of the act, wealth-tax is assessed in respect of the net wealth of a person. ..... 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.' 5. ..... the learned advocate-general pointed out that upon this interpretation the item would escape assessment to wealth-tax in the hands of the transferor as well as the transferee, that may be so. ..... 3,00,000 was not liable to be included in the net wealth of the family for purposes of levy of wealth-tax. ..... when the wealth-tax officer took up assessment of wealth-tax against the hindu undivided family, the question arose whether the sum of rs. ..... there is a presumption that two different entities should not be subjected to wealth-tax in respect of the same item of property. 11. ..... there is no indication in the wealth-tax act, 1957, that parliament intended to permit double taxation. ..... the commissioner of wealth-tax shall pay the assessee rs. ..... under the circumstances, the expression 'on the corresponding valuation date', appearing in section 3 of the act, may be interpreted in the sense 'throughout the day corresponding to the valuation date'. 12. ..... the material words of section 3 are: 'net wealth on the corresponding valuation date'. .....
Tag this Judgment!Court : Chennai
Reported in : [1977]110ITR301(Mad)
..... by these petitions under section 27(3) of the wealth-tax act, 1957, the commissioner of wealth-tax, tamil nadu-ii, madras, requests the court to direct the income-tax appellate tribunal, madras bench, to refer the following questions of law for the ..... subsequently, action was taken under section 18(1)(c) read with section 18(3) of the wealth-tax act, 1957, for levy of penalty ..... liability to penalty under section 18(1)(c) of the wealth-tax act and the liability under section 271(1)(c) of the income-tax act are not different and whether penalty under section, 18(1)(c) of the wealth-tax act should not be levied ..... facts and in the circumstances of the case, the appellate tribunal was right in holding that penalty under section 18(1)(c) of the wealth-tax act should not be levied on the assessee because penalty for concealment of income was not levied on him ..... he was not liable to any penalty under the wealth-tax act, because the necessity for filing the wealth-tax return arose as a result of the settlement arrived at between the firm and the department, in respect of the income-tax of the assessee, and but for that, there would have been no occasion for him to file a revised return showing a larger wealth, and, therefore, no penalty whatever can be ..... the peak in the original wealth-tax return renders him liable for penalty. ..... order was passed after the assessee had filed a revised wealth-tax return showing his share in the capitalised amount of the firm referred to already as part of his wealth. .....
Tag this Judgment!Court : Kolkata
Reported in : [1994]209ITR405(Cal)
..... in this reference under section 27(1) of the wealth-tax act, 1957, the following questions of law have been referred to this court for the assessment years 1975-76, ..... 597):'whether, on the, facts and in the circumstances of the case, particularly in view of the fact that the assessee, while making voluntary disclosure under the voluntary disclosure of income and wealth ordinance, 1975, did not furnish details of jewellery, the tribunal was right in holding that the assessee was entitled to claim that the value of the jewellery should not be taken as per value given in the voluntary ..... 2,33,000, respectively, the wealth-tax officer referred to the fact that the assessee had filed the disclosure petition under the voluntary disclosure of income and wealth act, 1976, accompanied by returns of her net wealth in respect of the assessment years 1965-66 to 1974-75 and, in such disclosure, the assessee declared the value ..... disclosure but should be determined on the basis of the valuer's report furnished at the time of assessment showing details of jewellery at a lower value, observing that there does not appear to be any dispute about ..... making voluntary disclosure in the earlier years, the assessee did neither file any details of her jewellery nor did she furnish any valuation report. .....
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